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CORRECTS Post-ISM React

US TSYS
  • Tsy futures gap higher after lower than expected ISM Services (50.6 vs. 52.5 est), ISM Services Employment (43.3 vs. 51.0 est) and Services New Orders (52.8 vs. 56.1 est). In-line: Services Prices Paid (57.4 vs. 57.3 est)
  • Mar'24 10Y futures bounce to 112-05 (+5.5), compares to this morning's post NFP low of 111-06.5. Curves mixed at the moment, 3M10Y reverses earlier steeps to -140.903 (-.640), 2Y10Y at -36.615 +2.172. 10Y yield falls back below 4% to 3.9833 (-.0155) vs. 4.0971% high.
  • Additionally: Factory Orders (2.6% vs. 2.4% est), ex-trans (0.1% vs. -0.1% est); Durable Goods Orders (5.4% in-line with est).
  • Data out of the way, Scheduled Fed speak later this afternoon: Richmond Fed Barkin, banker assn meeting at 1330ET, text, Q&A

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