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Market Roundup, Bond-Lead Reversal

US TSYS

Tsys trading mixed, off midmorning lows ahead midday. Short end outperforming amid ongoing debate over hawkish policy and risk of over-hiking from Friday.

  • No obvious headline trigger as bonds lead reversal - Tsy futures paring gains in early trade. No react to Chicago Fed National Activity Index higher than expected at 0.1 vs. -0.1 est, August revised to 0.1 from 0.0.
  • Weak US S&P Global PMI preliminary reports see short-end Tsys rally appr 4bps, US$ recede. The S&P composite surprisingly fell from 49.5 to 47.3 (cons 49.3), the second sharpest monthly decline since 2009 barring the initial pandemic period.
  • No more data on the session, Fed in policy blackout through the Nov 2 FOMC. No substantive reaction to Rishi Sunak replacing Liz Truss as PM.
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