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10Y Yield Testing Trendline Support

US TSYS
  • Treasury futures are little changed this morning and slightly off the overnight highs. TU is -0-00⅛ at 102-05⅞, while TY is is unchanged at 110-09+.
  • The 10Y yield is now testing trendline support, while the recent move in Oil (down ~8% over the past week) could point to a break of the trendline support as the 10y yield has largely followed Oil prices over the past year by a few weeks. See chart 1 - Source BBG
  • Cash treasury curve is little changed this morning, yields are 0.5-1bp lower, the 2Y +0.6bp to 4.726%, the 10Y +1bp at 4.285%.

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