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Tsys Hold Steady Ahead Of 10Y Auction Later

US TSYS

TYH4 is currently trading at 110-10+, + 01 from New York closing levels.
A slow day in Asia as cash yields move 1-2bps lower across the curve in early morning trading and have held there throughout the day.

  • Mar'24 10Y futures tested the highs from the US session of 111-11+ early, to then settle in a very tight range throughout the rest of the session, currently holding just below at 111-10.
  • Cash yields are 1-2bps lower, the 2y now trading at 4.393%, 1bp lower, while the 10Y is 1.3bps lower at 4.086% to trade just above Tuesday lows of 4.080%.
  • Pimco see multiple BOJ rate hikes coming as soon as March (BBG). Fed speak from Harker noted: “While inflation does remain above target, real progress is being made,” Harker said in prepared remarks that made no reference to possible rate cuts (MNI).
  • Tonight's data focus includes ongoing attention to Fed speakers, Mortgage Applications, Trade Balance, and the 10-year Treasury sale.
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