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Little Changed After Thursday’s Cheapening

US TSYS
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TYM4 is trading at 107-12+, +0-01+ from NY closing levels.

  • This comes after US tsys finished the NY session cheaper across the curve, with 2- and 10-year yields 6-7bps higher.
  • Weekly claims were lower than expected and core PCE was higher-than-expected (3.7% vs. 3.4% est). This saw the chances of a rate cut in 2024 evaporate.
  • The OIS market now has only 34bps of easing priced by the end of 2024.
  • Little reaction in cash US tsys after the $44B 7Y note auction printed in line with WI of 4.716%; bid-to-cover slips to the lowest since November at 2.48x vs. 2.61x last month.
  • The focus turns to Friday's Data Calendar: Personal Income/Spending, UofM Sentiment, while May Treasury options expire.
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TYM4 is trading at 107-12+, +0-01+ from NY closing levels.

  • This comes after US tsys finished the NY session cheaper across the curve, with 2- and 10-year yields 6-7bps higher.
  • Weekly claims were lower than expected and core PCE was higher-than-expected (3.7% vs. 3.4% est). This saw the chances of a rate cut in 2024 evaporate.
  • The OIS market now has only 34bps of easing priced by the end of 2024.
  • Little reaction in cash US tsys after the $44B 7Y note auction printed in line with WI of 4.716%; bid-to-cover slips to the lowest since November at 2.48x vs. 2.61x last month.
  • The focus turns to Friday's Data Calendar: Personal Income/Spending, UofM Sentiment, while May Treasury options expire.