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Curve A Touch Flatter Early On


There hasn’t been much in the way of news flow to drive price action in early Asia-Pac dealing, with Tsy futures initially a little lower after e-minis nudged higher, extending the dynamic observed in late NY dealing. Tsy futures are now back from worst levels, with the S&P 500 e-mini contract ~0.4% firmer. Still, Tsy futures have stuck to narrow ranges thus far. TYM2 is last -0-10+ at 119-21+, operating in a 0-05 range. Cash Tsys sit between -/+1bp vs. closing levels, withs 30s the only benchmark running richer on the day as the curve twist flattens.

  • A reminder that Fed Chair Powell and San Francisco Fed President Daly (’24 voter) reaffirmed the base case of 50bp hikes at the next couple of Fed meetings during late NY hours, while Powell cautioned that the Fed’s ability to engineer a soft landing may be driven by factors outside of its control.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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