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US TSYS: Higher Yields Consolidate Across the Curve.

US TSYS
USBulletMarketsFixed Income BulletsNorth America

 

  • Bonds latched on to comments from Mary Daley this morning suggesting caution on her decision on rates and sold off during the day today, pushing yields higher.
  • Ahead of tonight’s US Initial Jobless Claims and Continuing Claims, both of which are considered a pre-cursor to the NFP, yields have drifted +0.5-1.5bp higher across the curve with intermediates the underperformer.
  • US 2YR 4.138% (+0.8bp),   US 5YR 4.081% (+1.2bp),      US 10YR 4.192% (+1.0bp).
  • US10YR Mar 25 future is off -03 to 111-04.
  • SOFR and Treasury options flow included decent two-way positioning in calls and puts Wednesday as underlying futures continued to climb higher after this morning's lower than expected ISM services data. Projected rate cuts into early 2025 continued to gain, current levels vs. this morning's (*) as follows: Dec'24 cumulative -19.4bp , Jan'25 -25.2bp, Mar'25 -40.4bp, May'25 -50.9bp.
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  • Bonds latched on to comments from Mary Daley this morning suggesting caution on her decision on rates and sold off during the day today, pushing yields higher.
  • Ahead of tonight’s US Initial Jobless Claims and Continuing Claims, both of which are considered a pre-cursor to the NFP, yields have drifted +0.5-1.5bp higher across the curve with intermediates the underperformer.
  • US 2YR 4.138% (+0.8bp),   US 5YR 4.081% (+1.2bp),      US 10YR 4.192% (+1.0bp).
  • US10YR Mar 25 future is off -03 to 111-04.
  • SOFR and Treasury options flow included decent two-way positioning in calls and puts Wednesday as underlying futures continued to climb higher after this morning's lower than expected ISM services data. Projected rate cuts into early 2025 continued to gain, current levels vs. this morning's (*) as follows: Dec'24 cumulative -19.4bp , Jan'25 -25.2bp, Mar'25 -40.4bp, May'25 -50.9bp.