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TYM2 Through Tech Support, 10-Year Real Yields Turn Positive

US TSYS

TYM2 sits 0-12 lower on the day, printing 118-23+, below technical support in the form of the Nov 16 ’18 low (based on a continuation chart), with the next level of support not seen until the 0.618 projection of the Mar 7-28-31 price swing (118-02+). Cash Tsys run 1.5-2.0bp cheaper across the curve, with Tuesday’s cheapening momentum spilling over into early Asia-Pac trade. Note that U.S. 10-Year real yields have moved back into positive territory for the first time since early ’20.

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TYM2 sits 0-12 lower on the day, printing 118-23+, below technical support in the form of the Nov 16 ’18 low (based on a continuation chart), with the next level of support not seen until the 0.618 projection of the Mar 7-28-31 price swing (118-02+). Cash Tsys run 1.5-2.0bp cheaper across the curve, with Tuesday’s cheapening momentum spilling over into early Asia-Pac trade. Note that U.S. 10-Year real yields have moved back into positive territory for the first time since early ’20.