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Treasuries Reverse Yesterday's Sell-Off With Fedspeak & Supply Ahead

US TSYS
  • Cash Tsys firmed through Asia hours with the China Defense Minister stressing no outside force has the right to interfere with Taiwan and a firming has continued through London hours.
  • With the belly leading the way, the extension was also helped by the growth negative rather than inflation positive aspects of Russia planning to not supply oil or petroleum products to countries that will introduce a price cap, along with the OECD forecasting global growth of just 2.2% in 2023.
  • 2YY -5.4bps at 4.498%, 5YY -8bps at 3.943%, 10YY -3.6bps at 3.791%, and 30YY -1.4bps at 3.882%.
  • TYZ2 trades 6 ticks higher at 112-16, just within a session high of 112-18 on subdued volumes. The trend needle points north with resistance at 113-11 (Nov 16 high) whilst support is seen at 111-22 (20-day EMA).
  • Fedspeak: Mester (1100ET), George (1415ET), Bullard (1445ET)
  • Data: Richmond Fed mfg, Nov (1000ET) after decidedly mixed regional Fed surveys to date for Nov.
  • Front-loaded issuance ahead of Thanksgiving closures: US Tsy $22B 2Y FRN auction re-open (91282CFS5) – 1130ET, US Tsy $35B 7Y Note auction (91282CFY2) – 1300ET
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