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Treasuries Reverse Overnight Bid For Little Change

US TSYS
  • Cash Tsys have reversed an overnight bid following a FT source suggesting the BoE is likely to delay active gilt sales, subsequently cheapening with EU FI post-open. It leaves cash Tsys nearly unchanged across the curve, with 2s10s holding in the middle of last week’s wide ranges at -44bp vs a post-CPI low of -55bp and recent pre-CPI high of -33bp.
  • Firmly in earnings season: GS still to come today whilst J&J warned on FX headwinds cutting FY sales and adjusted EPS outlooks.
  • 2YY +0.9bps at 4.452%, 5YY +0.9bps at 4.238%, 10YY +0.2bps at 4.013%, and 30YY +0.5bps at 4.026%.
  • TYZ2 trades just half a tick higher at 110-22+, remaining towards the low end of yesterday’s range on modestly above average volumes. Bearish trend conditions are seen in place, with support at the psychological 110-00 and then 109-23+ (Nov 30, 2007 low cont.)
  • Data: Industrial production and cap util for Sept (0915ET), NAHB housing index for Oct (1000ET), TIC flows for Aug (1600ET)
  • Fedspeak: Bostic (1400ET), Kashkari (1730ET)
  • No issuance
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