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Treasury Futures Slip, AU CPI Above Estimates, US Home Sales Later

US TSYS
  • Treasury futures are lower today, with the curve slightly flatter. The TUU4 at -0-02⅛ at 102-03+ breaking below the overnight lows with the June 18th lows now in play, while TYU4 is -0-06+ at 110-12+ and now testing Monday's lows.
  • Volumes: TU 49k, FV 71k, TY122k slightly up on Tuesdays volumes
  • Tsys flows: Earlier there was a Block Fly, buyer belly, DV01 310k - similar to prior days blocks
  • Cash treasury curve is slightly flatter today, yields are 1-2bps higher with the 2Y +1.5bps at 4.757%, 5Y +1.6bps at 4.291% while the 10Y is -1.2bps at 4.259%, the 2y10y gapped higher earlier and is now +3.789 at -45.892.
  • APAC markets have been focused on Australia where CPI came in above expectations, ACGBs are 8-18bps higher, with the curve bear flattening, the 2Y is +17.3bps at 4.187%, NZGBs have also bear-flattened, yields are 3-6bps higher, while in Japan the curve has bear-steepened, yields are flat to 4bps higher.
  • Looking ahead, New Home Sales, 5Y Auction on Wednesday, main focus on PCE inflation data in the latter half of the week.
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