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Tsys Gap Lower but Rebounding on FRC Bank Buyer Headline

US TSY FUTURES
  • Treasury futures chad been climbing off overnight lows, reverse course, extend lows as broader market apparently reacting to latest headlines:
  • ADVISORS HAVE LINED UP POTENTIAL PURCHASERS OF NEW FIRST REPUBLIC STOCK - CNBC, CITING SOURCES
  • Front month 10Y futures fall to 115-13.5 low (-12) but rebounding to 115-21 as desks remind story making the rounds over the last couple hours.
  • Curves scaled back from steepest levels since April 6, 2s10s currently +4.890 at -50.809 vs. -49.898 high.

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