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Some Intraday Flattening Ahead Of Early Close

US TSYS
  • Cash Treasuries trade 5.5-8bp cheaper, as 2Y yields continue to nudge new post-CPI highs whilst other benchmark tenors remain within session ranges.
  • 2s10s at -47.5bp is back near the low end for the session, close to where it opened after the Thanksgiving closure.
  • There has been little by way of headline drivers behind the latest moves, after initially little reaction to the mixed PMIs, which saw a services beat offset softer manufacturing, but with aggregate headcount falling for the first time since Jun’20.
  • TYZ3 at 108-13 meanwhile has held particularly tight ranges over the past ninety minutes. The pre-data low of 108-10+ took another step closer to support at 108-05+ (50-day EMA).
  • The moves come ahead of the early close for Tsy futures (1315ET) and cash (1400ET).
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