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US TSYS: Markets Hold Narrow Ranges Ahead Friday's Key Jobs Report, Fed Blackout

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasury futures look to finish mixed Thursday, well off early session lows as markets consolidate ahead Friday morning's key employment data for November (Bbg survey est +218k vs. +12k prior). Stocks also reversed early gains as accounts took profits in SPX Eminis climbed to a new record high of 6107.25 earlier.
  • Reminder, the Federal Reserve enters their self-imposed blackout period at midnight Friday through December 19, the day after the final FOMC policy annc for 2024.
  • Tsy curves twisted flatter (2s10s -1.829 at 3.009) as short end rates underperformed, meanwhile projected rate cuts into early 2025 have cool slightly, current levels vs. this morning (*) as follows: Dec'24 cumulative -17.5bp (-18.5bp), Jan'25 -24.5bp (-24.4bp), Mar'25 -39.6bp (-39.2bp), May'25 -49.6bp (-50.2bp).
     
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  • Treasury futures look to finish mixed Thursday, well off early session lows as markets consolidate ahead Friday morning's key employment data for November (Bbg survey est +218k vs. +12k prior). Stocks also reversed early gains as accounts took profits in SPX Eminis climbed to a new record high of 6107.25 earlier.
  • Reminder, the Federal Reserve enters their self-imposed blackout period at midnight Friday through December 19, the day after the final FOMC policy annc for 2024.
  • Tsy curves twisted flatter (2s10s -1.829 at 3.009) as short end rates underperformed, meanwhile projected rate cuts into early 2025 have cool slightly, current levels vs. this morning (*) as follows: Dec'24 cumulative -17.5bp (-18.5bp), Jan'25 -24.5bp (-24.4bp), Mar'25 -39.6bp (-39.2bp), May'25 -49.6bp (-50.2bp).