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Profit Taking After A Massive Post-FOMC Rally

US TSYS

TYH4 is trading at 112-12+, -0-04 from NY closing levels.

  • So far today, there has been no noteworthy news flow.
  • Cash US tsys are sitting 3bps cheaper so far in the Asia-Pac session, with local participants possibly profit-taking following an assertive post-FOMC rally.
  • Considering that the US STIR market has priced 130bps of easing by November 2024, compared to the dot plot median easing of 75bps for 2024, a cautious view towards the near-term outlook for the market probably makes sense.
  • Later today the US calendar sees Empire Manufacturing, Industrial Production, Flash S&P Global US Manufacturing PMIs and TIC Flow data. Fed's Williams is also due to speak on CNBC.

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