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Post JOLTS, ISM Services Data React

US TSY FUTURES
  • Tsy futures extend session highs after lower than expected JOLTS Job Openings (8.733M vs. 9.3M est, 9.350M prior down-revised from 9.553M);
  • ISM Services Index higher than est (52.7 vs. 52.3, 51.8 prior), Prices Paid (58.3 vs. 58.0 est, 58.6 prior), Employment lower (50.7 vs. 51.4 est, 50.2 prior), New Orders higher (55.5 vs. 54.9 est, 55.5 prior)
  • Mar'24 10Y futures currently trading 110-29 last, +23 vs. 110-31.5 high - through Initial resistance at 110-28 (Dec 1 high) focus on 111-00 (round number resistance).
  • Curves flatter (3M10Y -7.927 at -121.599; 2Y10Y -1.967 at -40.408).
  • US data out of the way, US Tsy to sell $70B 42D CMB bills at 1130ET.

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