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Corporate Bond Issuance Anchored Tsys, Focus on Wednesday FOMC Minutes

US TSYS
  • Still weaker, Tsy futures pared losses after month-over-month Construction Spending comes out lower than expected: 0.4% vs. 0.5% est), and S&P Global US Manufacturing PMI comes out lower than expected (47.9 vs. 48.4 est) this morning.
  • From the press release: “Output fell at the fastest rate for six months as the recent order book decline intensified”, with manufacturing likely have acted as a drag on the economy in Q4.
  • Corporate debt issuance returned from a three week hiatus with over $30B issuing today, corporate rate locks kept a lid Treasury futures across the curve.
  • Treasury futures are well within technical levels after the close: support at 111-31+/111-23+ (Low Dec 14 / 20-day EMA); resistance well above at 113-12+ 1.764 proj of the Oct 19 - Nov 3 - Nov 13 price swing.
  • Wednesday Data Calendar: ISMs, JOLTS, December FOMC Minutes.
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