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Softer Start, Curve Bull Steepens On Friday

US TSYS

TYZ3 deals at 105-24+,-0-07+, in a soft start to Mondays dealing. TY does remain within recent ranges. A Nikkei report that the BOJ may consider further tweaking its YCC settings is weighing on the space in early trade.

  • Cash tsys finished 3-10bps richer across the major benchmarks, the curve bull steepened.
  • Geopolitics dominated in Friday's session, Tsys trimmed recent losses after Hamas released two US hostages from Gaza and the US pushed Israel to delay its invasion.
  • Participants perhaps using the recent cheapening to square positions as the uncertainty in the Middle East persists added a layer of support.
  • FOMC data OIS price a terminal rate of 5.40% in January with ~55bps of cuts by September 2024.
  • The docket is relatively light this, Q3 GDP on Thursday provides the highlight. On the supply side we have 2-,5- and 7-Year auctions due.
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