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US TSYS: Outperforming On Day Of Mourning-Shortened Session

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries trade bull flatter, outperforming a further slide in EGBs and Gilts in particular, with long end Treasury yields pulling back from multi-month recent highs.
  • It comes ahead of today’s Fedspeak-centric docket (other releases pulled forward due to the National Day of Mourning) before nonfarm payrolls tomorrow.
  • Cash yields are 1.7-3.3bp lower on the day, with declines led by the long end.
  • 2s10s at 40bps (-1bp) gently extends yesterday’s pullback off fresh recent steeps of 43.5bps.
  • TYH5 at 108-10 (05+) remains within overnight ranges, following modest cumulative volumes of 290k.
  • Resistance is seen at 109-01+ (20-day EMA) whilst a bearish trend sequence remains, with support at 107-28+ (Jan 8 low).
  • Data: Challenger jobs data Dec (0730ET)
  • Fedspeak: Harker (0900ET), Collins (0905ET), Barkin (1200ET), Schmid (1330ET), Bowman (1335ET) – see STIR bullet
  • Bill issuance: US Tsy $95B 4W & $90B 8W bill auctions (1130ET)
  • Trading hours: The CME Group has coordinated market openings and closings. INTEREST RATES: Open outcry and CME Globex trading session for interest rate products will have an early close of 1300 ET and 1315ET, respectively on January 9, 2025. All transactions submitted on CME ClearPort will have normal hours. Settlement prices will be derived at 1300ET.
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  • Treasuries trade bull flatter, outperforming a further slide in EGBs and Gilts in particular, with long end Treasury yields pulling back from multi-month recent highs.
  • It comes ahead of today’s Fedspeak-centric docket (other releases pulled forward due to the National Day of Mourning) before nonfarm payrolls tomorrow.
  • Cash yields are 1.7-3.3bp lower on the day, with declines led by the long end.
  • 2s10s at 40bps (-1bp) gently extends yesterday’s pullback off fresh recent steeps of 43.5bps.
  • TYH5 at 108-10 (05+) remains within overnight ranges, following modest cumulative volumes of 290k.
  • Resistance is seen at 109-01+ (20-day EMA) whilst a bearish trend sequence remains, with support at 107-28+ (Jan 8 low).
  • Data: Challenger jobs data Dec (0730ET)
  • Fedspeak: Harker (0900ET), Collins (0905ET), Barkin (1200ET), Schmid (1330ET), Bowman (1335ET) – see STIR bullet
  • Bill issuance: US Tsy $95B 4W & $90B 8W bill auctions (1130ET)
  • Trading hours: The CME Group has coordinated market openings and closings. INTEREST RATES: Open outcry and CME Globex trading session for interest rate products will have an early close of 1300 ET and 1315ET, respectively on January 9, 2025. All transactions submitted on CME ClearPort will have normal hours. Settlement prices will be derived at 1300ET.