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Soft Start, Data Docket Light This Week


TYZ3 deals at 107-19, 0-04, a touch below Friday’s closing levels however in line with levels seen in Friday’s NY session. The move has been seen alongside Oil trimming Friday’s gains and US Equity Futures firming in early trade.

  • Cash tsys finished 1-10bps richer across the major benchmarks on Friday, the curve bull flattened.
  • Tsys firmed on Friday as risk off flows provided support to the space. Reports that an Israeli invasion of Gaza was imminent weighed on sentiment.
  • Gains were trimmed after the latest UofMich data crossed. The report was mixed, however participants focused on the Inflation Expectations beat and Tsys ticked away from session highs.
  • FOMC dated OIS are stable, the terminal rate sits at 5.40% in December. There are ~50bps of cuts by September 2024.
  • The data docket is relatively light this week. Fed Chair Powell speaks on Thursday.

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