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Re-Opens Steady After A Spike Reversal Richer On Wednesday

US TSYS

TYZ3 is currently trading at 107-02+, -0-01 from NY closing levels.

  • The cash tsys curve finished with a bull-steepening on Wednesday. Yields were 7-10bps lower after the market latched onto lower-than-expected ADP private employment data (+81k vs.150k est. and +177k prior) and a services PMI that pointed to slower albeit strong growth.
  • US services PMI printed 50.1 (vs 50.2 flash; 50.5 prior), with the composite at 50.2 (vs 50.1 flash; 50.2 prior). The services new orders sub-index fell sharply from 57.5 to 51.8, the lowest level for the year, with the decline reportedly linked to weak domestic and foreign client demand.
  • The US tsy 2-year yield finished 10bps lower at 5.05%. The 10-year yield finished down 6bps, after setting a fresh cycle high at 4.88%. At 4.73%, the 10-year yield remains 16bps higher over the week.
  • Later today sees Weekly Claims, Trade Balance, and various Fed speakers: Cleveland Fed Mester, MN Fed Kashkari, Richmond Fed Barkin, SF Fed Daly and Fed Vice Chair Barr.
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