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Climbing Off Lows

US TSYS
  • Still weaker, Tsy futures are climbing off lows/marking session highs at the moment, TYH4 at 112-13.5 (-5.5) last, compares to session low of 112-07. Volumes remain very light, TYH4 just over 217k.
  • As noted earlier, Tsys appeared to follow EGBs lead after ECB Holzmann's hawkish opinion of no rate cut in 2024. On the flipside, former ECB economist Riccardo Trezzi told MNI he expects the ECB to reduce its benchmark deposit rate by around 150 basis points this year.
  • Cross assets: S&P Eminis see-saw off lows: ESH4 -3.75 at 4812.75 (DJIA and Nasdaq closed for MLK holiday), Crude weaker (WTI -.89 at 71.79), Gold firmer: +3.40 at 2052.46.

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