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US Rates Weaker Ahead Weekly Claims


Tsys trading mildly weaker ahead the NY open, in-line with EGBs/Gilts, yield curves modestly flatter after rebounding last couple sessions (5s30s -1.46 at 95.27). Equities weaker (ESZ1 -11.5 at 4516.5), US$ bid (DXY +.097 at 93.65), Gold up 3.85.

  • Moderate volumes (TYZ1>330k) as data picks up: Weekly Claims (297k est; continuing claims 2.548M), Philly Fed Business Outlook (25.0 est vs. 30.7 prior), Leading Index (0.4% est) and Existing Home Sales (6.09M est) at midday.
  • Fed speak: Fed Gov Waller on US economy (0900ET), Atl Fed Bostic on CNBC Closing Bell (1500ET) NY Fed Williams moderated discussion w/ China 40 Forum late (2100ET). Fed chair Powell rounds up wk on Fri 1100ET with policy Blackout starting Fri midnight through Nov 4 (FOMC Nov 2-3, taper annc anticipated).
  • Total $85B US Tsy 4/8W bill and $19B 5Y TIPS auctions today. NY Fed buy-op: Tsy 10Y-22.5Y, appr $1.425B.
  • Current yield levels: 2-Yr yield is up 0.8bps at 0.3937%, 5-Yr is up 0bps at 1.1655%, 10-Yr is down 1.1bps at 1.6462%, and 30-Yr is down 1.5bps at 2.1192%.

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