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Curve Steepens On Thursday

US TSYS

TYM3 deals at 110-18, +0-02, in line with levels seen late in the NY session.

  • Cash Tsys finished 1-7bps richer on Thursday, as the curve steepened.
  • Cross-market pressure from EGBs in lieu of stronger than expected core EU CPI weighed on Tsys.
  • Losses were extended on an unexpected drop in U.S. jobless data and upward revision to Q4 Labour costs.
  • A brief recovery off session lows was facilitated by comments from Atlanta Fed President Bostic. He noted he favours a 25bp hike in March, and the Fed may be in a position to pause in mid to late summer.
  • Later in NY hours Fed Gov Waller noted that a strong labour market could force the Fed to raise rates further than officials currently expect.
  • A block buyer in TY (10k lots), added some support late in the session.
  • Tokyo CPI, which is on the wires shortly, as well as Caixin Services and Composite PMIs from China headline in Asia. Further out the ISM Services survey provides the highlight ahead of the weekend. Fedspeak from Dallas Fed President Logan, Atlanta Fed President Bostic and Gov Bowman will cross.
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HomepageBond Market NewsBulletMarketsFixed Income Bullets

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