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Treasury Yields Open Steady, Post US CPI Sell Off

US TSYS

TYH4 is currently trading at 109-18+, - 01+ from New York closing levels.
As Asia trading gets underway, futures are testing the overnight lows of 109-17 hovering just above there at time of writing, while cash yields are opening 0.5-1bp higher.


  • Mar'24, 10Y futures has opened slightly lower, and are currently holding just above overnight lows of 109-17, a level not seen since late Nov'23 and initial technical support (50.0% of the Oct 19 - Dec 27 bull phase). A break below here could indicate further downward movement to 109-05+, the lows from Nov 28, and 108-19+ (61.8% of the Oct 19 - Dec 27 bull phase).
  • Cash yields pushed higher 10-20bps post-US CPI during the US session, and as cash trading gets underway here in Asia yields are holding steady, trading unchanged to 1bp higher, 2Y yield +0.4 higher at 4.662% while the 10Y yield is 0.8bps higher at 4.322%.
  • Looking ahead, Wednesday's data focuses on PPI revisions, with Fed speakers Chicago Fed Goolsbee and Fed VC Barr scheduled.
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