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Treasury Yields Mostly Unchanged, Bullish Bets Hit Lowest Since July

US TSYS
  • Jun'24 10Y futures have done very little in the first few hours of trading on Wednesday, we trade slight lower down - 00+ at 110-20 after earlier hitting morning lows of 110-19.
  • Looking at technical levels: Initial support lays at 110-08+ (Mar 21 low) while below here the 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low). While to the upside resistance holds at 110-30+ (Mar 21 & 22 high), above here 110-31+ (50-day EMA), while a break above here would open a retest of 111-24 (Mar 12 high).
  • Cash Treasury curve is mostly unchanged on Wednesday with the 2Y yield +0.2 at 4.593%, 10Y +0.2bps to 4.234%, while the 2y10y +0.197 at -36.151
  • (Bloomberg) -- What Baltimore Bridge Collapse Means for Inflation (See link)
  • (Bloomberg) -- Bond Managers Unwind Bullish Futures Bets to Lowest Since July (See link)
  • Wednesday Data Calendar: Wholesale Sale/Inventories, Tsy $43B 7Y Note Auction while Fed Gov Waller will discuss economic outlook at Economic Club NY at 1800ET (text, Q&A).
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