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Treasury Futures Testing Lows, Curve Steepens

US TSYS
  • Jun'24 10Y futures are testing Tuesday lows and initial support, currently down -05 + from NY closing levels to 107-16 just off lows of 107-15+. A break and hold below 107-16+ (2.50 proj of Dec 27 - Jan 19 - Feb 1 price swing), could open a move to 107-07+ (76.4% of the Oct - Dec ‘23 bull leg).
  • Cash Treasury curve twist-steepened on Tuesday yields were 4-9bps higher, with the curve pivoting at the 7yr and as cash trading kicks off on Wednesday the curve is bear steepening, the 2Y yield +0.2bp at 4.989%, 10Y +1.2bp to 4.680%, while the 2y10y is +1.026 at -31.159.
  • Looking ahead: Beige Book, TIC Flows and more Fed speakers later in the evening: Cleveland Fed Mester on a Federal Reserve update (Q&A) at 1730ET, Fed Gov Bowman IIF Global Outlook Forum (no text, Q&A) at 1915ET.

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