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Treasury Rally Resumes

US TSYS
  • Cash Tsys have rallied this morning after doing so for much of yesterday’s US session before a late reversal, after most of the curve saw new post-pandemic highs early yesterday.
  • 2Y yields are -2.4ps at 1.033%, 5Y -3.0bps at 1.618%, 10Y -3.2bps at 1.833% and 30Y -2.9bps at 2.147%.
  • TYH2 is back towards both session and yesterday’s highs at 127-21 on more typical volumes after two solid days. Resistance is seen at 128-01+ (Jan 18 high) and support at 127-02 (Jan 19 low).
  • Data: jobless claims for a payrolls survey week, Philly Fed for Jan (of note after a surprisingly weak Empire on Tue) and existing home sales for Dec.
  • NY Fed buy-op: Tsy 10Y-22.5Y, appr $1.625B steady (1030ET).
  • Issuance: US Tsy $50B 4W, $40B 8W bill auctions (1120ET) before US Tsy $16B 10Y TIPS auction (1300ET).

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