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Off Highs But Still Bull Flatter With Durable Goods and 5Y Supply Ahead

US TSYS
  • Cash Tsys are parring earlier gains but still trade 1-3.5bp richer across the curve. The bull flattening comes with European-focused headlines whilst block flow in Asia-Pac hours helped the direction of travel with 4x FV/US flattener blocks (circa $1.4mn DV01).
  • 2s10s trades at -55bps off overnight highs of -52.7bps although prior session comparisons are distorted by a new 2Y taking the benchmark.
  • TYZ3 at 108-13+ sits at the upper end of yesterday’s range which included a lifting of lows of 108-00+ that stopped fractionally shy of testing the round support. Resistance is seen at 109-03 (Sep 13 low) although the bear-trend remains intact. As opposed to yesterday’s heavy volumes overnight, cumulative volumes sit at a far more meagre 210k at typing.
  • Today’s data interest comes from preliminary durable goods for Aug and weekly MBA mortgage applications, whilst Kashkari is unlikely to have much impact after recent appearances.
  • Tsy supply is headlined by the $49B 5Y note although there is also the newly upsized $52B 17-week plus a $24B 2Y FRN auction.
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