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Treasuries Flatten Further As Short End Sold

US TSYS
  • Cash Tsys have twist flattened this morning following a hawkish Fed, seeing the 2s10s spread narrow to just 65bps for the flattest since Nov-2020.
  • 2Y yields are +2.2bps at 1.172% (following +13bps yesterday), 5Y -2.0bps at 1.665%, 10Y -4.1bps at 1.823% and 30Y -5.2bps at 2.113%.
  • Whilst moving higher recently to 127-17+, TYH2 has largely consolidated yesterday’s slide. It earlier cleared support at 127-13+ (Jan 26 low) which could open the bear trigger of 127-02 (Jan 19 low).
  • Data: Heavy day of which the highlights are the advanced Q4 GDP print and durable goods orders for Dec (0830ET).
  • NY Fed buy-op: Tsy 22.5Y-30Y, appr $1.825B steady (1030ET).
  • Issuance: US Tsy $50B 4W, $40B 8W bill auctions (1130ET) followed by US Tsy $53B 7Y Note auction (1300ET).
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