BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

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Tsys Futures Little Changed, Yield 1-2bps Lower, Job Claims & PMI Ahead

US TSYS
  • Jun'24 10Y have had a fairly quiet session with range tight and well within Wednesday, we made earlier morning lows of 110-12+ before pushing higher to trade at 110-17 and currently trade just off these level to be + 01 for the day at 110-15, while the 5Y futures are largely mimicked the moves up + 00¾ to 106-30¾
  • Looking at technical levels: The 10Y traded lower Monday piercing 109-25+, reinforcing a bearish theme. A clear break of this support would confirm a resumption of the downtrend that started late December levels to watch to the downside 109-24+ (Mar 18 low), further down 109-14+ (Nov 28 low), while to the upside initial resistance is seen at 110-24 (20-day EMA), while above here 111-02 (50-day EMA), a break above here would open a retest of 111-24 (Mar 12 high),
  • Treasury curve are flatter today, with yields 1-2bps lower, the 2Y now -1.5bps to 4.587%, 10Y -0.8bps to 4.260%, while the 2y10y is +0.712 to -32.452.
  • Yellen is to testify before senate panel on FY25 budget at 10am ET, while she is then testify before House Panel at 2.30pm ET.
  • Looking ahead: focus turns to Thursday's Wkly Claims, S&P Global US PMIs, Home Sales. Fed VC Barr fireside chat "View from the Fed", Q&A at 1200ET.
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