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Bonds Gaining

US TSY FUTURES

Long end leading move higher, extending top end overnight range, albeit amid very light volumes, TYU1 just topped 200k. Generally muted two-way positioning ahead ADP private employ release at 0815ET (+683k est), Tsy quarterly refunding at 0830ET -- general consensus from sell-side of no change in auction sizes -- more likely to be announced at November announcement. Yield curves mostly flatter:

  • 3M10Y -1.426, 110.977 (L: 110.89 / H: 113.133)
  • 2Y10Y -0.981, 99.015 (L: 99.015 / H: 100.961)
  • 2Y30Y -0.132, 166.725 (L: 166.598 / H: 168.252)
  • 5Y30Y +0.697, 119.727 (L: 119.025 / H: 120.366)

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