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Bonds Climbing Higher

US TSY FUTURES
  • Treasury futures are climbing higher in late morning trade, looking to test overnight highs with TYH4 +24.5 at 112-21 vs. 112-23 high. TYH4 technical resistance of 112-28+, 1.618 proj of the Oct 19 - Nov 3 - Nov 13 price swing.
  • 10Y yield making new 5 month low at 3.9152% just now.
  • No particular headline driver for move, but continuation of the post-FOC dovish theme as markets price in multiple 25bp rate cuts next year.

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