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Firmer, Resistance Caps TY

US TSYS
FOMC Calendar Market NewsHomepagemarkets-real-timeBond Market NewsBulletMarketsFixed Income Bullets

Tsys underpinned by the SNB rate cut (only 7bp of easing was priced into CHF STIRs pre-decision) and Eurozone flash PMI data.

  • TY futures manage a modest look above yesterday’s high before backing off a little.
  • Contract last +0-07+ at 110-21+, range 110-12+ to 110-22+, volume running comfortably above average at 377K.
  • The 20-day EMA (110-23) caps the rally for now.
  • A break would expose the 50-day EMA (111-01+).
  • Cash Tsy yields 2-4bp lower, 7s leading the rally.
  • Digestion of yesterday’s FOMC continues. Expect our full review of that event later today.
  • FOMC-dated OIS leans a little more dovish post-FOMC, showing ~83bp of ’24 cuts and ~20bp of cuts through June.
  • Weekly jobless claims data, flash S&P global PMIs, existing home sales and the latest Philly Fed survey will cross in NY hours.
  • Fed Vice Chair Barr will speak.
  • 10-Year TIPS supply is also due.
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Tsys underpinned by the SNB rate cut (only 7bp of easing was priced into CHF STIRs pre-decision) and Eurozone flash PMI data.

  • TY futures manage a modest look above yesterday’s high before backing off a little.
  • Contract last +0-07+ at 110-21+, range 110-12+ to 110-22+, volume running comfortably above average at 377K.
  • The 20-day EMA (110-23) caps the rally for now.
  • A break would expose the 50-day EMA (111-01+).
  • Cash Tsy yields 2-4bp lower, 7s leading the rally.
  • Digestion of yesterday’s FOMC continues. Expect our full review of that event later today.
  • FOMC-dated OIS leans a little more dovish post-FOMC, showing ~83bp of ’24 cuts and ~20bp of cuts through June.
  • Weekly jobless claims data, flash S&P global PMIs, existing home sales and the latest Philly Fed survey will cross in NY hours.
  • Fed Vice Chair Barr will speak.
  • 10-Year TIPS supply is also due.