Free Trial

Bull Steepening After Yesterday's Bear Flattening

US TSYS

Tsys sit a little above their respective Wednesday lows, with yields 1.0-4.5bp lower on the day as the curve bull steeps (after yesterday’s bear flattening).

  • TYH4 is +0-05+ at 111-19, 0-01+ shy of the top of its 0-08 range.
  • TU block sales dominated flow in late Asia-Pac/early London trade (cumulative DV01 of $534K) before a block buyer of TY futures was seen (DV01 ~$250K).
  • FOMC-dated OIS sit off yesterday’s post-retail sales/UK CPI extremes but still shows ~129bp of cuts through ’24 and ~16bp of cuts through the March ’24 FOMC (we covered the recent pullback from dovish extremes in more detail yesterday).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.