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Treasuries Start Today's Shorter Session Softer

US TSYS
  • In a repeat of yesterday morning before reversing in the afternoon, cash Tsys have sold off ~2bps in a subdued risk-on environment.
  • 2Y yields are +1.7bps at 0.678%, 5Y +1.8bps at 1.235%, 10Y +2.2bps at 1.474% and 30Y +1.9bps at 1.868%.
  • The US lags Europe on the day again, with Gilts +4.5bps and Bunds +3.1bps.
  • TYH2 futures have sold off to a low of 130-19 on very low volumes. It hovers a little above initial support of 130-17 (Dec 21 low), clearance of which could open 130-07+ (Dec 13,15 lows).
  • Data highlights today are PCE/incomes for Nov, durable goods for Nov and less so weekly initial claims (all 0830ET). The core PCE deflator is seen at 0.4% M/M, the same pace as in Oct.
  • Issuance confined to bills today: US Tsy $50B 4W, $40B 8W bill auctions (1130ET).
  • Early close to US bond markets (futures 1300ET, cash 1400ET) before full closure tomorrow.
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