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Cheaper on Tuesday, Easing Expectations Pared, Heavy Corporate Insurance Weighs

US TSYS

TYH4 is trading at 112-11+, +0-02 from NY closing levels.

  • This comes after US tsys bear-flattened on Tuesday, with yields 4-8bps higher, as traders pared their bets for a pivot to rate cuts by the Federal Reserve.
  • A heavy corporate calendar, negative spillover from European bonds and profit-taking on the late 2023 rally likely exacerbated the move. Losses were pared after Construction Spending (0.4% m/m vs. 0.5% est.) and S&P Global US Manufacturing PMI (47.9 vs. 48.4 est) printed weaker-than-expected.
  • The first real test this year to market easing expectations will come on Friday with the release of Non-Farm Payrolls. That said, December ISM Manufacturing is due later today.
  • A reminder that there will be no cash dealings in today's Asia-Pac session with Japan closed for a public holiday.
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