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Extending Wednesday’s Rally; Fedspeak Eyed Ahead Of Pre-FOMC Blackout

US TSYS

U.S. Tsys are just shy of session highs, having richened throughout the Asia-Pac session, building on the bull flattening observed in Wednesday’s session.

  • Tsys caught a bid in tandem with core FI markets on remarks from RBA Governor Lowe signalling a possible end to larger rate hikes, with Tsy yields across the curve dipping to session lows.
  • TYZ2 is +0-07+ at 116-13, a little below best levels, extending a move off of Wednesday’s 12-week lows for the contract at writing. Cash Tsys run 1.0-4.0bp richer across the curve, with the belly leading the bid.
  • The recent bid in cash Tsys has unwound much of the bear flattening observed after U.S. markets returned from the long weekend on Tuesday, with nominal 10-Year Tsy yields returning to ranges observed prior to the Labour Day holiday.
  • Looking ahead, final wholesale inventories, consumer credit, and weekly jobless claims are due in the NY session.
  • Scheduled Fedspeak is headlined by Chairman Powell, Chicago Fed Pres Evans (‘23 voter), and Minneapolis Fed Pres Kashkari (‘23 voter), although the latter is slated to deliver introductory remarks, potentially limiting the scope for comments on monetary policy.
  • A reminder that this week’s Fedspeak comes ahead of the pre-FOMC blackout period (Sept. 10-22).
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