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Overnight Bid Reversed, TY Within Range But Eyeing Key Support

US TSYS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
  • Treasuries have reversed the move higher seen after the Asia open as US desks continue to filter in.
  • Cash yields are now 0-0.7bps higher on the day, with increases led by 5s.
  • TYM4 meanwhile has probed new session lows of 108-20 in a still narrow range. It’s a little above yesterday’s post-PMI low of 108-17+, which stopped just short of a key support at 108-15 (May 14 low) after which lies 108-06 (May 3 low).
  • The TY quarterly roll stands around 30%, lagging ~40% for TU and FV.
  • Preliminary durable goods data for April are ahead at 0830ET after lacklustre March readings for both core orders and shipments in March.
  • It’s closely followed by Fed Gov Waller (voter) giving a keynote address on R* at 0920ET having earlier in the week talked to the nearer-term outlook: “If the data were to continue softening throughout the next three to five months, you can even think about doing it at the end of this year […] If we get enough data going the right way, then we can think about cutting rates later this year, beginning of next year.”
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  • Treasuries have reversed the move higher seen after the Asia open as US desks continue to filter in.
  • Cash yields are now 0-0.7bps higher on the day, with increases led by 5s.
  • TYM4 meanwhile has probed new session lows of 108-20 in a still narrow range. It’s a little above yesterday’s post-PMI low of 108-17+, which stopped just short of a key support at 108-15 (May 14 low) after which lies 108-06 (May 3 low).
  • The TY quarterly roll stands around 30%, lagging ~40% for TU and FV.
  • Preliminary durable goods data for April are ahead at 0830ET after lacklustre March readings for both core orders and shipments in March.
  • It’s closely followed by Fed Gov Waller (voter) giving a keynote address on R* at 0920ET having earlier in the week talked to the nearer-term outlook: “If the data were to continue softening throughout the next three to five months, you can even think about doing it at the end of this year […] If we get enough data going the right way, then we can think about cutting rates later this year, beginning of next year.”