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Dec TYs Bounce Off Lows

US TSYS SUMMARY

Treasury futures struggled to find direction for most of Wednesday's session, with no data/speakers/supply, and volumes depressed due to the cash Tsy market's closure (Veterans Day holiday).

  • As of noon ET, we'd seen a very light ~430k TYZ0 traded, only about ~150k of which was after 0700ET (we saw a bump in volumes in the Asia-Pac session as Tsys broke to new lows).
  • After bouncing off support at 137-08, we saw front TYs move to session highs, with the USD doing likewise, in apparent contradiction to a fairly steady uptick in equities.
  • Thursday sees a much busier schedule, with October inflation and weekly jobless claims data, Fed's Powell speaking at an ECB Forum, and 30-Yr Bond auction.

Futures levels:

  • Dec 2-Yr futures (TU) down 0.375/32 at 110-10.75 (L: 110-10.625 / H: 110-11.25)
  • Dec 5-Yr futures (FV) down 0.25/32 at 125-6.5 (L: 125-04.75 / H: 125-09)
  • Dec 10-Yr futures (TY) up 1.5/32 at 137-15.5 (L: 137-08 / H: 137-18.5)
  • Dec 30-Yr futures (US) up 9/32 at 170-9 (L: 169-16 / H: 170-13)
  • Dec Ultra futures (WN) up 19/32 at 211-1 (L: 209-18 / H: 211-10)
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