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US TSYS: Modestly Extending The Week’s Rally, Trump Inauguration Looms

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries trade bull flatter as US desks filter in, broadly consolidating yesterday’s dovish Waller-induced rally.  
  • There's possibly some mild spillover from weaker-than-expected UK retail sales today, with Gilts and EGBs outperforming Treasuries.
  • Today’s docket is on the lighter side, with housing data leading second tier US data releases and no scheduled Fedspeak before the FOMC blackout. Attention is instead further ahead with President-elect Trump’s inauguration on Jan 20.
  • Cash yields are 0-2.8bp lower, with the front end little changed after large adjustments yesterday and the longer end leading declines but close to yesterday’s low for yields.  
  • 2s10s trades at 36.5bps (-2bp) for close to the week's lows.
  • TYH5 has lifted to 108-23 (+03+) to come close to yesterday’s high of 108-24, amidst modest cumulative volumes of 290k.
  • A corrective cycle is in play around the bearish condition, with resistance seen at 108-24 (Jan 16 high) before 109-06 (Dec 31 high) whilst support is seen at the bear trigger of 107-06 (Jan 13 low).
  • Data: Housing starts/building permits Dec (0830ET), IP/Cap Util Dec (0915ET), TIC flows Nov (1600ET)
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  • Treasuries trade bull flatter as US desks filter in, broadly consolidating yesterday’s dovish Waller-induced rally.  
  • There's possibly some mild spillover from weaker-than-expected UK retail sales today, with Gilts and EGBs outperforming Treasuries.
  • Today’s docket is on the lighter side, with housing data leading second tier US data releases and no scheduled Fedspeak before the FOMC blackout. Attention is instead further ahead with President-elect Trump’s inauguration on Jan 20.
  • Cash yields are 0-2.8bp lower, with the front end little changed after large adjustments yesterday and the longer end leading declines but close to yesterday’s low for yields.  
  • 2s10s trades at 36.5bps (-2bp) for close to the week's lows.
  • TYH5 has lifted to 108-23 (+03+) to come close to yesterday’s high of 108-24, amidst modest cumulative volumes of 290k.
  • A corrective cycle is in play around the bearish condition, with resistance seen at 108-24 (Jan 16 high) before 109-06 (Dec 31 high) whilst support is seen at the bear trigger of 107-06 (Jan 13 low).
  • Data: Housing starts/building permits Dec (0830ET), IP/Cap Util Dec (0915ET), TIC flows Nov (1600ET)