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Tsys Off Lows, Sights on ISM Services, Fed Speakers

US TSYS
Bonds lead moderate rally, nearly reversing Thu's sell-off. Similar drift in EGBs with no new inflation metric surprises overnight. Intermediate to long end Tsy ylds off highest levels since Nov 10 (30YY 3.9347% -.0588; 10YY 4.0027% -.0529), 2YY at 4.8585% -.0265 vs. 4.9414% Thursday, highest level since mid-2007.
  • Data kicks off at 0945ET (prior, est): S&P Global US Services PMI (50.5, 50.5); Composite (50.2, --) followed by ISM Services at 1000ET Services Index (55.2, 54.5); Prices Paid (67.8, --), Employment (50.0, --) and New Orders (60.4, --).
  • Scheduled Fed speakers on tap:
    • Dallas Fed Logan, opening remarks Booth School event, text, 1100ET
    • Atl Fed Bostic, recorded comments at racial inequality conf at 1200ET
    • Fed Gov Bowman Booth School panel on mkt dysfunction, text, Q&A at 1500ET
  • Note: Atl Fed Bostic spurred late risk-on move late Thu after unscheduled conf call w/ reporters. Wires lead with dovish tones (favors 25bp hike in March .. maybe pause late summer) on otherwise balanced comments: “There is a case that could be made that we need to go higher" while "inflation is remaining stubborn at elevated levels, labor markets remain quite tight."
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