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Treasuries Steady, Fed's Williams See No Urgency To Cut Rates

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  • Jun'24 10Y futures have done very little in the Asia morning session, highs of 110-15+ and lows of 110-11, and now trade at 110-13+ well within Thursdays ranges. Initial resistance holds at 110-26+ (20-day EMA), a break above here will open 110-08 (50-day EMA), while initial support remains at 109-25+ (Low Feb 23) a break here opens a move to 109-14+ (Nov 28 Low)
  • Yields are reversing some of Thursday's move currently 0-2bps higher across the curve, the 2Y yield +1bps higher at 4.629%, 10Y +0.6bp higher at 4.256%.
  • The NY Fed President John Williams spoke earlier where he said we don't need to tighten monetary policy any further and expects the Fed to cut interest rates later this year. See MNI's coverage of he speech here.
  • Earlier the Short-term funding bill passed senate and now sits with Biden.
  • Looking ahead: S&P Global US Manufacturing PMI, U. of Mich. Sentiment, Construction Spending, ISMs & Fed Speakers
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  • Jun'24 10Y futures have done very little in the Asia morning session, highs of 110-15+ and lows of 110-11, and now trade at 110-13+ well within Thursdays ranges. Initial resistance holds at 110-26+ (20-day EMA), a break above here will open 110-08 (50-day EMA), while initial support remains at 109-25+ (Low Feb 23) a break here opens a move to 109-14+ (Nov 28 Low)
  • Yields are reversing some of Thursday's move currently 0-2bps higher across the curve, the 2Y yield +1bps higher at 4.629%, 10Y +0.6bp higher at 4.256%.
  • The NY Fed President John Williams spoke earlier where he said we don't need to tighten monetary policy any further and expects the Fed to cut interest rates later this year. See MNI's coverage of he speech here.
  • Earlier the Short-term funding bill passed senate and now sits with Biden.
  • Looking ahead: S&P Global US Manufacturing PMI, U. of Mich. Sentiment, Construction Spending, ISMs & Fed Speakers