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Curves Holding Steeper, Bonds Near Lows

US TSY FUTURES

Second half review, Tsy futures holding near session lows after rates gapped lower into the NY open, 30YY tapping 3.4091% high for the first time since June 16. Decent session volumes (TYZ2>1.4M) largely occurred in the first half. While the short end seeing decent sell-pressure, Yield curves bear steepening as futures price in higher rates for a longer period of time as opposed to tighter policy now with chance of rate cuts in 2023. Current yield curve levels:

  • 3M10Y +6.914, 31.264 (L: 18.486 / H: 32.953)
  • 2Y10Y +4.756, -25.684 (L: -31.214 / H: -24.103)
  • 2Y30Y +6.694, -13.748 (L: -20.724 / H: -11.847)
  • 5Y30Y +4.248, -1.917 (L: -6.257 / H: -0.22)
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