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Light Session To Date As Data Eyed

US TSYS
  • Cash Tsys have seen light overnight and European sessions as a gentle rally extends with the belly lagging.
  • After sizeable rallies early in the week on sharply lower Fed hike expectations following a collection of weak US data, the moves since then have been relatively restrained, with front end yields continuing to edge lower whilst long-end yields have been relatively range bound for a steady bull steepening.
  • 2YY -1.2 at 2.464%, 5YY -0.5bps at 2.704%, 10YY -0.9bps at 2.738% and 30YY -1.8bps at 2.964%.
  • TYU2 replaces TYM2 as the most actively traded contract, up 3 ticks at 120-10. It’s well within yesterday’s range but sits just shy of the 50-day EMA of 120-15+.
  • Data: A deluge with core PCE, personal incomes & spending, advance goods trade balance and wholesale inventories all at 0830ET before finalized UMich consumer sentiment at 1000ET.
  • No Fedspeak or issuance today.
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