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10Y Yield New Cycle High of 4.8039%

US TSYS
  • Treasury futures continue to extend lows in late trade, as 10Y yield climbs to new 16Y high of 4.8039%. Curves making new cycle highs: 3M10Y +7.713 at -72.067, 2Y10Y +7.920 at -34.846.
  • Dec'23 10Y futures crossed technical support of 106-23 (Low Oct 3 & 1.50 proj of the Jul 18 - Aug 4 - Aug 10 price swing) briefly is back to 106-22.5 (-20) at the moment.
  • Bids pulled or shifted lower as focus turns to surge of scheduled economic data tomorrow that includes ADP Private Employ, ISM Services.
  • Cross asset summary: Greenback remains strong but off highs (DXY +.118 at 107.022), Gold weaker (-2.77 at 1825.27), crude firmer (WTI +0.54 at 89.36). Stocks at/near session lows with S&P E-Mini futures back to early June levels: down 62 points (-1.43%) at 4262.25, DJIA down 443.64 points (-1.33%) at 32989.56, Nasdaq down 249.9 points (-1.9%) at 13057.9.

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