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Bonds Extending Lows

US TSY FUTURES
  • Treasury futures are quietly extending session lows in the last few minutes, intermediates to bonds lead move off midmorning levels as curves bear steepen: 3M10Y +6.873 at -117.826, 2Y10Y +.591 at -71.907 vs. -76.154 low.
  • Current TYZ3 futures at 109.22.5 (-10) still above initial technical support of 109-03 (Sep 13 low) followed by 109-00 (round number support).
  • No obvious headline driver for the latest moves as yet (though markets await formal annc of a UAW strike, not to mention the impending shutdown as UIS Gov expected to run out of capital at the end of the month.
  • Knock-on factors: stronger than expected PPI and lower than expected weekly claims reversed a post-ECB rate hike bid earlier (rally tied to policy statement that was less hawkish than expected).
  • Stocks are grinding to new two week highs, ignoring for the moment projected rate hike increase in early 2024. Meanwhile, the US$ gains strength (BBDXY +3.71 to 1254.3), and crude prices forge higher: WTI +1.82 at 90.34.
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