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Futures Softer After Debt Ceiling Deal Reported

US TSYS

TYM3 deals at 112-06, -7 compared to late NY levels on Friday after wires reported a bipartisan agreement to suspend the debt limit for the next two years while keeping non-defense spending flat for the next year (+1% in the second year) was announced Saturday.

  • Now comes the hard part: securing support from enough lawmakers on both sides of the aisle. The NY Times writes Republican "lawmakers have a history of doing everything they can to block spending deals they disapprove of. They could do so again, and they have sufficient power to kill the deal because McCarthy has only a nine-vote majority."
  • Cash tsys are closed today for the Memorial Day holiday.
  • The 2s10s US tsys curve twist flattened in NY trading ahead of the weekend after core PCE inflation came in stronger than expected in April at 0.38% m/m (0.3% est.) following a stronger skew to Q1 revisions from Thursday’s quarterly data.
  • FOMC dated OIS firmed to the top of their weekly range on Friday with 17bp of tightening priced for the June 14 meeting. A cumulative 25.5bp of tightening is priced by July.
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