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Bull Flattening With PMIs Headlining The Session

US TSYS
  • Cash Tsys have seen a mixed overnight with equally mixed China data plus markets trading an increasingly likely announcement of Sunak as PM in the UK as a sign of stability. The net result has been a bull flattening, with the front-end consolidating lower in Fed rate expectations and the long-end and particularly very long-end retracing after notable pressure on the 30YY late last week saw the US re-overtake the UK.
  • 2YY +0bps at 4.473%, 5YY -3.6bps at 4.306%, 10YY -4.6bps at 4.171%, and 30YY -4.8bps at 4.286%.
  • TYZ2 trades 9 ticks higher at 110-02+ on above average volumes, off overnight highs of 110-15 that came close to testing resistance at the 20-day EMA of 110-16+.
  • Data: Preliminary PMIs for October headline the docket at 0945ET but there is also Chicago Fed national activity index at 0830ET for September.
  • Bill issuance: US Tsy $57B 13W, $45B 26W bill auctions – 1130ET
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  • Cash Tsys have seen a mixed overnight with equally mixed China data plus markets trading an increasingly likely announcement of Sunak as PM in the UK as a sign of stability. The net result has been a bull flattening, with the front-end consolidating lower in Fed rate expectations and the long-end and particularly very long-end retracing after notable pressure on the 30YY late last week saw the US re-overtake the UK.
  • 2YY +0bps at 4.473%, 5YY -3.6bps at 4.306%, 10YY -4.6bps at 4.171%, and 30YY -4.8bps at 4.286%.
  • TYZ2 trades 9 ticks higher at 110-02+ on above average volumes, off overnight highs of 110-15 that came close to testing resistance at the 20-day EMA of 110-16+.
  • Data: Preliminary PMIs for October headline the docket at 0945ET but there is also Chicago Fed national activity index at 0830ET for September.
  • Bill issuance: US Tsy $57B 13W, $45B 26W bill auctions – 1130ET