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Extending Lows

US TSY FUTURES
  • Treasury futures extending lows following China headlines of raising Yuan sovereign bond issuance an extra 1T, while raising fiscal deficit ratio to appr 3.8% from 3.0%.
  • Dec'23 10Y futures trade 106-05.5 low (-10) - well above initial technical support of 105-10.5 (Oct 19 low). Levels still well off early Monday levels when 10Y yield climbed above 5% briefly to 5.0187% -- highest since late Sep'07,
  • Curves still flatter but off lows: 2Y10Y -1.941 at -22.302 vs. -26.077 low.

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