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Curves Bend Flatter, 2Y, 5Y Weaker at Midday

US TSY FUTURES
  • Short end rates have quietly extended session lows over the last few minutes, curves flatter with Dec'23 10Y futures back to steady at 109-31.5, 2Y10Y -1.422 at -72.332.
  • No obvious headline driver, or additional Fed speak ahead of the policy blackout at midnight.
  • There is no Treasury or corporate issuance, though some anticipatory rate locks may be in play ahead an expected resumption of corporate supply next week after appr $65B priced between Tue-Thu.
  • Technicals: moving average studies continue to highlight a medium-term downtrend. An extension lower would signal scope for 109-09+, Aug 22 low and a bear trigger. A break of this level would strengthen a bearish theme.
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