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Treasuries Follow EU And Bunds In Particular Richer

US TSYS
  • Cash Tsys are extending a swift rally early in the European session after the open, with little spillover from a subsequent small beat for German Ifo sentiment which still remains on track for a winter recession. In 10Y space, Treasuries (-7bps) match Gilts but lag EU FI and Bunds in particular (-10bps). 2s10s bull flatten -2.5bps to -28.5bps but remain near the top of the recent range.
  • 2YY -4.3bps at 4.462%, 5YY -6.8bps at 4.295%, 10YY -6.9bps at 4.173%, and 30YY -4bps at 4.338%.
  • TYZ2 trades 14 ticks higher at 110-05+ on low volumes, with resistance seen at 110-15 (Oct 24 high) even if the trend needle remains south with support at 108-26+ (Oct 21 low).
  • Data: Second tier but potentially still of note with house prices (FHFA, S&P CoreLogic) first at 0900ET and then CB consumer confidence and the Richmond Fed manufacturing index at 1000ET.
  • Bond issuance: US Tsy $42B 2Y note auction (91282CFQ9) – 1300ET
  • Non-mon pol Fedspeak: Fed Gov Waller on FedNow, Vegas conf (moderated Q&A)
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