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Firm After Soft JOLTs Report


TYH4 deals at 110-29+, unchanged from Tuesday’s settlement level.

  • Cash tsys finished 6-11bps richer across the major benchmarks, the curve bull flattened.
  • A softer than expected JOLTS Job Openings report, which printed the largest monthly drop since May 2023 and marked the lowest level of job openings since March 2021, saw Tsys firm through the NY session.
  • Rate cut expectations for 2024 ticked higher through the session. FOMC dated OIS now price a terminal rate of 5.35% in Dec 23 with ~110bps of cuts by Nov 24.
  • There was little reaction in the space to the ISM Services release which ticked higher and was firmer than estimates.
  • In Asia-Pac today Q3 GDP from Australia provides the highlight, further out we have ADP private payrolls and trade balance.

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