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Post ISMs, UofM Sentiment React

  • Treasury futures gap off lows following drop in ISM Mfg (47.8 vs. 49.5 est), Prices Paid (52.5 vs. 53.2 est) and New Orders (49.2 vs. 52.7 est).
  • As well as U. of Mich. Sentiment (76.9 vs. 79.6 est) while expectations are in line with estimates: 1 Yr Inflation (3.0% vs. 3.0% est) 5-10 Yr Inflation (2.9% vs. 2.9% est).
  • Construction Spending MoM higher than estimated at 0.9% vs. 0.2% est (0.9% prior).
  • New lead quarterly Jun'24 10Y futures currently at 110-16.5 (+2.5) vs. 110-005.5 low, initial technical resistance above at 110-26+ (20-day EMA); initial technical support at 109-25+ (Low Feb 23); Curves hold steeper 2s10s +2.541 at -34.522, 10Y yield 4.2503 (+.0001).

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