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Off Lows, Tsys Discounting Fed Gov Bowman Opinion on Rate Cut Wait Time

US TSYS
  • Treasury futures pared early morning gains, trading near steady after near in-line FHFA House Price Index MoM (0.2% vs. 0.3% est, prior down revised to 0.0% from 0.1%). More of a reaction to higher than expected Canada core CPI data as rates extended modest lows into midday.
  • Contributing to the pressure, Federal Reserve Governor Michelle Bowman Tuesday said it will likely be "some time" before the U.S. central bank can begin lowering interest rates, warning that U.S. monetary policy over the coming months could diverge from that of other advanced economies.
  • Large 2Y/10Y-utra bond flattener blocked at 0942:00ET: -28,000 TUU4 102-05.25, sell through 102-05.62 post time bid, DV01 $1.06M vs. +12,000 UXYU4 114-12.5, post time offer, DV01 $1.09M.
  • Tsy Sep'24 10Y futures have drifted off lows in late trade, near the middle of the session range after the bell: TYU4 +2.5 at 110-19.5, 10Y yield 4.2282%, -.0039.
  • Look Ahead: New Home Sales, 5Y Auction on Wednesday, main focus on PCE inflation data in the latter half of the week.
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