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Treasury Yields Open Steady After Steepening Tuesday, 2y10y Off Lows

US TSYS

TYH4 is currently trading at 109-19, up + 02 from New York closing levels

Treasury futures opened steady and have not moved in the first hour of trading, yield curves steepened on Tuesday and yield look to be opening higher across the curve

  • Mar'24 10Y futures traded in a tight range on Tuesday at 109-28 high vs 109-15 low, we trade just of the lows now at 109-19, just above 109-17, (50.0% of the Oct - Dec bull cycle). A clear break of this retracement would strengthen the bearish condition and signal scope for an extension towards 108-19+, the 61.8% Fibonacci level. On the upside, initial firm resistance is seen at 110-24+, the 50-day EMA.
  • Yield curves steepened on Tuesday, and as trading gets underway curve are opening mostly unchanged the 2Y yield is flat at 4.693, the 10Y yield is -0.2bp lower at 4.301%, while the 2y10y bounced off lows (-45.322) on Tuesday to trade at -39.411.
  • Earlier, House Speaker Mike Johnson offered to delay Funding Deadlines (Punchbowl)
  • Looking ahead, Wednesday data calendar includes GDP, PCE, Wholesale/Retail Inv, Fed Speak.
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