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Bull Flattening With EU FI Spillover, ISM & FOMC Mins To Come

US TSYS
  • Cash Tsys trade solidly richer, with an overnight rally extended by European spillover from a sizeable downside miss for French CPI inflation before some retracement on a stronger than expected Eurozone service PMI. ISM and JOLTS come into attention first before the FOMC minutes later on.
  • The front-end lags, with 2YY -2.9bps at 4.341%, 5YY -5.6bps at 3.838%, 10YY -5.6bps at 3.683% and 30YY -4.8bps at 3.791%.
  • TYH3 trades 22+ ticks higher at 113-11 off session highs of 113-14, eyeing resistance at 113-15+ (Dec 23 high) after which sits 114-01+ (Dec 21 high). Volumes are above average for the second day running.
  • Data: ISM mfg Dec (1000ET) and JOLTS Nov (1000ET) plus the usual weekly MBA mortgage data (0700ET)
  • Fed: FOMC Dec meeting minutes (1400ET)
  • Bill issuance: US Tsy $33B 17W bill auction (1130ET)
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