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Tick Away From Session Lows As US Equities Firm

US TSYS

TYH4 deals at 112-13, +0-05, in line with late NY levels.

  • Cash tsys finished 1-3bps cheaper across the major benchmarks on Monday, light bear steepening was apparent.
  • Tsys firmed from session lows, trimming earlier losses as US Equities continued their post-FOMC rally which aided risk sentiment into the close on Monday. The S&P500 rose ~0.5%, and the NASDAQ climbed ~0.6% to finish at a fresh record close.
  • WSJ’s Timaros spoke with SF Fed President Daly who noted that rate cuts could be considered next year given how much inflation has improved in 2023.
  • Earlier in the session Fedspeak from Chicago Fed President Goolsbee and Cleveland Fed President Mester, who both sought to moderate market expectations on rate cuts weighed on the space.
  • Oil firmed as major shipping lines suspended transit through the Red Sea, which applied marginal pressure to Tsys.
  • The highlight of today's Asian session is the latest monetary policy decision from the BoJ. Further out we have Home Sales, Consumer Confidence and Fedpseak from Atlanta Fed President Bostic.
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