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Mildly Cheaper Ahead Of Chair Powell At Jackson Hole

US TSYS
  • Cash Tsys trade marginally cheaper ahead of Chair Powell’s keynote address at Jackson Hole, potentially further raising the bar for a hawkish surprise. Fedspeak continues to headline the session thereafter, with only a final U.Mich reading of note from data along with no issuance.
  • Macro headline flow has been dominated by Chinese economic support measures and touted moves to prop up the country's equity market. On the flipside, RTRS sources flagged a growing likelihood of a pause in the ECB's tightening cycle, which provided some brief & limited support.
  • 2YY +1.6bp at 5.039%, 5YY +1.5bp at 4.429%, 10YY +0.8bp at 4.245% and 30YY +0.2bp at 4.304%.
  • TYU3 trades 4+ ticks lower at 109-14+ off a recent low of 109-12, with the downtrend remaining intact with support at 108-28 (Aug 22 low) and 108-26+ (Oct 21, 2022 low cont).
  • Fedspeak: Powell Jackson Hole speech (1005ET), Harker (1100ET Bbg TV, 1130ET Yahoo!), Mester (1130ET CNBC, 1430ET Bbg TV), Goolsbee (1215ET CNBC, 1400ET Bbg TV)
  • Data: U.Mich consumer survey Aug final (1000ET), Kansas City Fed services Aug (1100ET)
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