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Both Tsys, Equities Holding Strong

US TSYS SUMMARY

Tsys continued to gain from mid-morning on, drifting near late session highs after the NY close -- even as equities climbed to record highs (eminis +25.5 to 3524.50).

  • While data appeared burgeoning, session trade was relatively nascent with many still sidelined ahead Wed's ADP (1.0M est) and Fri' August NFP (1.37M est).
  • Post ISM Data Selling: Tsy came under brief sell interest post ISM mfg PMI +56.0 (highest level since Nov 2018) vs. 54.2 prior, but quickly reversed course (along with similar support in EGBs and Gilts) around midmorning. Sources reported fast$, prop buying near lows with a couple rounds of stops getting triggered (1030ET and 1315ET).
  • Two-way option and modest deal-tied hedging noted in shorts to intermediates
  • The 2-Yr yield is unchanged at 0.1309%, 5-Yr is down 1.4bps at 0.2532%, 10-Yr is down 3.6bps at 0.6689%, and 30-Yr is down 5.5bps at 1.42%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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