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Final Days of September, Futures That Is

US TSYS

Tsys trading weaker in the wings, nominally higher in the intermediates as September futures draw to a close. Modest volumes as Sep/Dec quarterly futures roll winds down ahead Tue's first notice (Dec takes lead; Sep won't expire until late Sep).

  • EGB's steady/mixed (Bunds firmer, Gilts steady, BTP little weaker); Italy 10Y vs. Bund little wider (+1.2 at 106.8), otherwise sovereigns mildly tighter.
  • US$ off early overnight lows, initial carry-over weakness fades after Fed Chair Powell comments from Fri's remote Jackson Hole eco-summit event: modest pace of tapering, hikes on hold, inflation transitory.
  • Limited data to kick off the week: Pending Home Sales MoM (0.5% est), Dallas Fed Mfg Activity (23.0 est). Focus on Fri's employ data for Aug (NFP +703k est vs. +700k prior).
  • US Tsy $51B 13W, $48B 26W bill auctions; NY Fed buy-op appr $1.225B TIPS 7.5Y-30Y.
  • Currently, the 2-Yr yield is unchanged at 0.2151%, 5-Yr is down 0.5bps at 0.7947%, 10-Yr is down 0.2bps at 1.3054%, and 30-Yr is up 0.2bps at 1.9188%.
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BulletMarketsFixed Income BulletsHomepagemarkets-real-time

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