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Weaker/Narrow Range Ahead Powell Policy Testimony, Employ Data

US TSYS
  • Treasury futures holding weaker after the bell, narrow range since midmorning. No obvious headline driver as Treasury futures scaled back a portion of Friday's rally amid cautious trade ahead Fed Chairman Powell's policy testimony to Congress Wed-Thu, Jobs report Friday.
  • Atlanta Federal Reserve President Raphael Bostic said his base case remains for two rate cuts this year, likely starting in the third quarter, and does not anticipate reductions at back-to-back meetings, adding he would like quantitative tightening to continue at the current pace for as long as possible.
  • No data Monday, ongoing corporate bond issuance (over $21B) generated some pressure via rate-lock hedging.
  • Tsy Jun'24 10Y futures mark 110-21 low (-12) are currently at 110-24.5 on the screen. 10Y yield 4.2327 high. Curves flatter flatter 2s10s -3.950 at -39.102. Initial technical support at 110-05+/109-25+ (Low Mar 1 / Low Feb 23).
  • Look ahead: Tuesday data calendar includes S&P Final PMIs, ISM Services, Factory Orders.
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