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Treasuries Trade In Tight Ranges, Yields Unchanged

US TSYS
  • Jun '24 10Y futures opened the day lower, touching a daily low of 111-03+. We have recovered the majority of that move to trade off -02 at 111-07+, well within Tuesday's ranges.
  • Initial technical resistance at 111-11+ (38.2% retracement of the Feb 1 - 23 bear leg), a level we broke above on Tuesday but were unable to hold onto. A break above would open 111-24+ (High Feb 13), while to the downside, levels to include 110-05+/109-25+ (Low Mar 1 / Low Feb 23) and bear trigger.
  • Treasury yields are largely unchanged on Wednesday, with the 2Y -0.2bps lower at 4.556%, while the 10Y is -0.4bp lower at 4.149%.
  • Trump has so far won 11 of 15 on the Republican Primary votes.
  • Looking Ahead: MBA Mortgage Applications, ADP Employment Change, JOLTS Job Openings, Wholesale Inventories MoM, Federal Reserve Releases Beige Book, While Fed Chair Powell Testifies Before Congress
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