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US TSYS: TYZ4 Tests Support On Further Steepening At Month-End

US TSYS
  • The steepening in Treasuries has continued, although with little by way of new headlines behind the latest extension suggesting some month-end factors could be at play.
  • 2s10s has seen a session high of -1.1bp as it continues a trend steepening seen through the week (aided by the shift higher on the new 2Y benchmark after Tuesday’s auction).
  • Recall it briefly disinverted in global risk-off fallout the Monday after last month’s payrolls report.
  • Cash yields are 2.5-4.7bps higher on the day, with 7s and 30s leading increases. 7s underperformance comes after yesterday’s 1.0bp tail along with mixed details including a sizeable step higher in dealer take.
  • TYZ4 still sees a narrow range for the day but has touched new session and week lows of 113-19 (off today's high of 113-30+) in a test of support at 113-21+ (20-day EMA) after which lies 113-00 (Aug 8 low).
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