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Holding Latest Post-Payrolls Cheapening, ISM Services Ahead

US TSYS
  • Cash Tsys have traded in a particularly tight range since opening lower in a move that partly reversed the second half Friday unwinding of the initial post-payrolls report cheapening.
  • In yield space, it sees the 2Y roughly in the middle of Friday’s wide range, almost 14bps above pre-payrolls lows but still 10bps below post-payrolls highs and more than 20bps below highs of 4.55% prior to Powell last week.
  • 2YY +4.1bp at 4.313%, 5YY +4.8bps at 3.700%, 10YY +2.9bp at 3.515% and 30YY -0.3bp at 3.545%.
  • TYH3 trades 5+ ticks lower at 114-15+ but remains near the high end of Friday’s range after a re-flattening in the curve. The trend needle points north, with resistance at 114-26 (Dec 2 high) and support at 113-21+ (Dec 2 low).
  • Data: ISM services for Nov headlines at 1000ET but also see final readings for the Services/Composite PMI and durable goods.
  • Bill issuance: US Tsy $54B 13W and $45B 26W bill auctions – 1130ET
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