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  • Both Treasury and SOFR futures are scaling back support after the bell, USM3 trading unchanged at 131-28 vs. 133-00 high.
  • SOFR Red packs (SFRM4-SFRH5) that were as high as +0.42 at midday are now +0.250-0.130 -- lending to the opinion buyers were way over their skis pricing in rate cuts for 2024, while letting some air out the run ahead Friday's headline employment data.

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