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Treasuries Stabilise After Further Sell-Off Overnight

US TSYS
  • Cash Tsy yields have recently stabilised after rising through Asian hours, currently up 3-3.5bps across the curve.
  • 2Y yields are +3.0bps at 0.856%, 5Y +3.3bps at 1.462%, 10Y +3.0bps at 1.735% and 30Y +3.4bps at 2.129%.
  • The 2Y is just off post-pandemic highs from earlier in the session whilst the 10Y is not far off the last year's high of 1.774% (Mar 30).
  • TYH2 is down 8 ticks at 128-19 and off a session low of 128-16, having earlier broken a key support level of 128-22+ on solid volumes. New support is seen at 128-05 (1.618 proj of the Dec 20-29-31 price swing) followed by the psychological 128-00, whilst resistance is seen at 129-19 (Jan 4 high).
  • Fedspeak: Bullard (2022 voter, 1315ET) and Daly (non-voter, 1130ET).
  • Data: ISM services and especially prices paid is the main release over finalised durable goods for Nov and weekly jobless claims, but with greater focus on tomorrow’s payrolls.
  • NY Fed buy-op: TIPS 7.5Y-30Y, appr $925M (1120ET).
  • Issuance: $50B 4W, $40B 8W bill auctions (1130ET).
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