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Looking Ahead

US TSYS

A flat re-open for T-Notes, operating just shy of their late NY highs, dealing unchanged at 134-07 at typing.

  • Yields were mixed across the curve on Monday, with the 2- to 10-Year sector of the curve unchanged to ~1.5bp richer, while longer dated paper was marginally cheaper on the day. It proved to be a volume-light session for Tsys as participants looked ahead to the annual (online) Jackson Hole Symposium, while the S&P 500 marched to another fresh all-time high. Themes of discussion continued to centre on Afghanistan & the Delta strain of COVID, but these didn't trigger much in the way of market reaction. An 11K block buy of FVU1 futures (~$561K DV01) headlined on the flow side, lodged around midday in NY.
  • Local data saw stronger than expected readings for existing home sales and the Chicago Fed national activity index, while the flash Markit PMI readings missed consensus. These netted out and had little ultimate impact on broader price action.
  • There is a lack of tier 1 risk slated for Asia-Pac hours on Tuesday. Looking ahead to the NY docket, we will see the latest round of new home sales data, the Richmond Fed manufacturing index reading & 2-Year Tsy supply.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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