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Tsys Reverse Post-Data Losses

  • Front-end Tsys have fully reversed losses seen after the 0830ET data, and longer tenors are getting close as well, trading 2.5-3bps richer on the day.
  • TYH4 has lifted off post-data lows of 112-22 but remains a few ticks off session highs of 112-31.
  • The initial sell-off on the durable goods beat appeared surprisingly large considering the concentration on strength in nondefense aircraft orders.
  • Whilst Q3 revisions have muddied “new” information from today's monthly PCE data, we’re left with five of the past six months now seeing M/M prints for core PCE at or below the pace consistent with the Fed’s 2% target.

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