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Topping Late Overnight Highs

US TSY FUTURES
  • Treasury futures have bounced back to moderate highs in the last few minutes, just topping late overnight highs: Mar'24 10Y futures at 111-30.5 (+7.5), 10Y yield 4.0077% low. Confluence of drivers: weaker crude (WTI -3.40 at 70.41), German Bunds gaining as well with Tsys following suit.
  • Initial technical resistance at 112-19 (High Jan 4) followed by 113-12 (High Dec 27 and the bull trigger).
  • Limited data ahead: NY Fed 1-Yr Inflation Expectations at 1100ET followed by Consumer Credit ($9.0B est) at 1500ET. Atlanta Fed Bostic economic outlook, no text, moderated Q&A at 1230ET. Treasury supply at 1130 US Tsy $75B 13W, $68B 26W Bill auctions.

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