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Futures Firm On Monday, Cash Reopens Today

US TSYS

TYZ3 deals at 107-25+, -0-01+, in line with late NY levels.

  • Cash tsys were closed yesterday due to the Columbus Day holiday, and will reopen in Asia this morning.
  • TY extended early Asian gains through the NY session after consolidating in narrow ranges in Europe.
  • Balanced Fedspeak from VC Jefferson who noted both the threat of more persistent inflation and a sharper than expected growth slowdown saw Tsys Futures firm.
  • Earlier in the session Dallas Fed President Logan noted that the recent rise in long-term US yields may mean less need for the central bank to tighten.
  • FOMC dated OIS remain stable; a terminal rate of 5.45% is seen in December with ~55bps of cuts by September 2024.
  • There is a thin docket in Asia today, further out we have Wholesale Inventories and NY Fed 1-Yr Inflation Expectations. There are a slew of Fed speakers due including Gov Waller and Minneapolis Fed President Kashkari. The latest 3-Year Supply is due.
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