Treasuries Steady, Trade Tight Ranges Ahead of US Data

TYH4 is currently trading at 109-23, up + 04 from New York closing levels

Treasuries have had a very uneventful day as we head into a busy second half of the week for data.

• Mar'24 10Y futures have continue to trade in a very tight ranges during the Asia session, lows of 109-21 and highs of 109-25+. Futures remain in a downtrend and key levels to watch would be a retest of Mondays lows at 109-16, break of those levels would strengthen the bearish condition and signal scope for an extension towards 108-19+, the 61.8% Fibonacci level.
• Treasury curves are slightly flatter today, with the 2Y yield +0.3bp higher at 4.721%, 10Y -0.6bp lower at 4.274%, while the 2y10y is off yearly lows now -42.795.
• Earlier Kansas City Feb Pres Jeff Schmid, spoke on economic and monetary policy, reiterating that there is no rush to cut rates, and that the Fed needs convincing evidence before easing (MNI)
• Looking ahead: Durable Goods Orders, FHFA House Price Index, Conf. Board Consumer Confidence & Richmond Fed Manufact. Index out later today.