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Holding Most Of Yesterday’s Sell-Off, Powell and ISM Mfg Ahead

US TSYS
  • Cash Tsys have pulled back off session highs to sit back 0.5-2bp cheaper on the day. It unwinds some of the late Thursday uptick, which was seemingly aided by month-end extension like activity, although the space still finished comfortably cheaper come yesterday's close.
  • TYH4 at 109-27 trades at the day’s lows but remains within yesterday’s range which saw a low of 109-22. Support is seen at 109-05+ (Nov 28 low).
  • Data: ISM mfg (1000ET) leads data. The preliminary PMIs and Regional Fed surveys suggested an improvement (which consensus sees with 47.8 after 46.7) before yesterday's surprise surge in the MNI Chicago PMI could have further raised expectations. We also see the S&P Global final mfg PMI (0945ET) and construction spending (1000ET).
  • Fedspeak: Goolsbee speaks at 1000ET but focus will be on Chair Powell (1100ET) to see whether there is a last meaningful pre-meeting pushback against the recent round of dovish repricing seen this week. The media blackout begins at the end of today.
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