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Drop In Consumer Sentiment Triggers Bull Flattening

US TSYS SUMMARY

Following an initially quiet start, US TSYS rallied sharply following the release of the University of Michigan Consumer Sentiment survey for August, which reported an abrupt deterioration in confidence.

  • The preliminary read came in at 70.2, well below the 81.2 expected print.
  • TSY cash yields are now 1-6bp lower on the day with the curve bull flattening.
  • Last yields: 2-year 0.2151%, 5-year 0.7892%, 10-year 1.2951%, 30-year 1.9448%
  • TYU1 has traded up towards the highs of the day and last printed 133-30+ (L: 133-15 / 133-31+).
  • Equities have taken a leg lower with the S&P500 trading down to 4463.32, from an afternoon high of 4467.03.
  • Focus next week shifts to Advance Retail Sales on Tuesday, while Fed Chair Powell scheduled to take part in a town hall discussion on the same day.
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