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TYH2 Tests Support After Payrolls, Omicron Headlines

US TSY FUTURES
  • TYH2 has fallen to new lows after encouraging Omicron headlines from South African researchers added to a payrolls report showing an increasingly tight labour market.
  • Currently at 128-05+, it is off a session low of 128-05 and testing support at the same 128-05 (1.618 proj of the Dec 20-29-31 price swing) before the psychological 128-00. Resistance is seen at 129-00 (Jan 6 high).
  • SF Fed’s Daly is currently speaking for the second day running. She prefers a flatter funds-rate path with more balance sheet adjustment and with scope for adjustment after 1-2 hikes. Other comments are inline with yesterday, noting the need for measured, gradual hikes.
  • Bostic (non-voter) is later at 1215ET but isn't scheduled to speak directly on mon pol.
  • No Tsy issuance today. Not much data early next week, with all eyes instead on CPI inflation on Wed.

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