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Re-Open Slightly Lower After A Twist-Steepening In The NY Session

US TSYS

TYZ3 is currently trading at 107-08, -0-02 from NY closing levels.

  • Cash tsys finished the NY session with a twist-steepening, pivoting at the 20-year. Yields were 4bps lower to 3bps higher.
  • Initial Jobless Claims (207k vs. 210k est, 204k prior) and Continuing Claims (1.664M vs. 1.671M est, 1.670M prior) were slightly less than expected ahead of Non-Farm Payrolls data release later today. Bloomberg consensus expects +170k in September payrolls versus +187k prior. The unemployment rate is forecast to dip to 3.7% from 3.8% prior.
  • Meanwhile, Trade Balance reported -$58.3B vs. -$59.8B est vs. a revised -$64.7B prior.
  • TYZ3 climbed to a session high of 107-12.5 high on Thursday after dovish Fedspeak from SF Fed President Daly. Daly said the Fed can hold interest rates steady because restrictive policy and tight financial conditions are working to slow the economy and inflation. "If we continue to see a cooling labour market and inflation heading back to our target, we can hold interest rates steady and let the effects of policy continue to work," she told the Economic Club of NY.
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