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Modest Bull Steepening Ahead Of Minimal Docket

US TSYS
  • Cash Tsys have pulled back off yesterday’s late lows with a modest bull steepening amidst a light European docket heading towards an equally light US docket. The steepening sees 2s10s climb off recent multi-decade lows, currently at -79bps.
  • 2YY -2.7bps at 4.360%, 5YY -1.6bps at 3.762%, 10YY -0.9bps at 3.564% and 30YY -0.9bps at 3.575%.
  • TYH3 trades 6+ ticks higher at 114-02 with below average volumes. It’s off overnight and yesterday’s low of 113-25 but initial technical levels remain defined by Friday’s post-payrolls ranges of 113-21+ and 114-28+ (the bull trigger).
  • A very light docket, with international trade for Oct the only data release, the Fed in media blackout and no issuance.

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