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Fading Friday's Late Month/Qtr-End Sell-Off, ISM Ahead

US TSYS
  • Cash Tsys see a sizeable bull steepening from Friday’s close but much of that is a reversal of Friday’s late sell-off on month/quarter-end moves, with the front end still in the middle of Friday’s range and the longer end at the upper end.
  • 2YY -10.1bps at 4.177%, 5YY -8.2bps at 4.008%, 10YY -6.8bps at 3.76%, and 30YY -4.7bps at 3.729%.
  • TYZ2 trades 7 ticks higher at 112-09 within last week’s post-BOE gilt purchase intervention range and on low volumes after liquidity was limited by the start of a week-long holiday in China and partial holiday in Australia. The primary trend remains lower with support at 110-19 (Sep 28 low) whilst resistance is at 112-30+ (Sep 23 high).
  • Near-term focus on ISM manufacturing: the broadly unrevised Eurozone final PMI suggests little intensification of the external growth slowdown, but Friday’s MNI Chicago PMI added clear downside risk to ISM with consensus marked down from 52.4 to 52.1 from August’s 52.8.
  • Fedspeak: Bostic opening remarks (no text or Q&A), NY Fed’s Williams (text and Q&A incl media).
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