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Tsys Weaker/Off Lows, Focus On House Debt Ceiling Vote, Equity Earnings

  • Front month Treasury futures are currently weaker, but off second half lows, possibly in reaction to late procedural headline regarding the debt ceiling bill: "Republican Debt Ceiling Bill Advances In US House Toward Debate, Possible Vote On Passage" Twitter.
  • Rates had sold off on stale FRC bank headlines regarding potential buyers ahead the NY open. As noted in this morning's What to Watch bullet: markets will be keeping a wary eye on First Republic Bank (FRC) headlines.
  • Trading desks cited "US GOVERNMENT CURRENTLY UNWILLING TO INTERVENE ON FIRST REPUBLIC - CNBC CITING SOURCES" for a midday downturn in rates, Jun'23 10Y futures falling to 115-110 low, 10Y yield at 3.4259%.
  • Curves holding onto steeper profiles (2s10s +5.711 at -49.988%) amid pre-auction and corporate supply related unwinds.
  • Stocks on the other hand have reversed midday gains and through 50-day EMA technical support to 4071.25 low.

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