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Extending Session Highs, Curves Bull Steepening: Oct'23 High

US TSY FUTURES
  • Treasury futures are extending highs yet again in the aftermath of this morning's lower than expected Dec PPI data. Decent volumes (TYH4>900K) as fas4, prop accounts cover shorts, real$ buying across the board.
  • March'24 10Y futures testing initial resistance of 112-19 (High Jan 4) taps 112-20 briefly, 112-18 last (+7). Next technical level to watch 113-12 (High Dec 27 and the bull trigger).
  • Curves bull steepening: 2Y10Y taps -19.594 high (late October 2023 level)

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