US FIXED INCOME WRAP

US FIXED INCOME WRAP

It has been a choppy day for treasuries without clear direction and various factors driving price actions. Early activity was spurred by the higher than expected initial claims data which caused a fast money move to the upside. The weaker than previous employment constituent of the Philadelphia Fed data also pushed treasury prices to session highs before dealers started pre-auction short setting into the USD 7bln 30y TIPS reopening. The treasury also confirmed the USD 99bln combined of 2y, 5y & 7y notes for auction next week which spurred some additional early positioning to the downside. Following the unexpected Google earnings release, t-notes spiked to the upside as equities plunged but as the fast money trades were unwound t-notes resumed their downward trajectory and broke back above the 200DMA yield level of 1.805%. At the pit close At the pit close t-notes finished at 132.00, down 2+ ticks.

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19:10 –
Fixed Income

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US FIXED INCOME WRAP
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