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Treasury Futures Edge Lower On Fed's Bowman's Comments

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  • Jun'24 10Y futures have fallen from Wednesday highs of 108-08, we now trade - 02+ from NY closing levels at 108-02+ after initial hitting a morning high of 108-05, comments from the Fed's Bowman could be weighing on sentiment. We still trade well above initial support at 107-13+ (Apr 16 low), while to the upside resistance holds at 108-25+ (Apr 12 high)
  • Cash Treasury yields are slightly higher today, with the 2Y yield +0.4 at 4.936%, 10Y +0.6bps to 4.593%.
  • (MNI) Fed Well-Positioned To Wait, Gather Data - Mester (See Link)
  • Earlier, Fed's Bowman acknowledges that progress on inflation has slowed, if not stalled, despite strong economic conditions and ongoing job growth, suggesting that current monetary policy may be restrictive, but its sufficiency remains uncertain. He notes that consumers may be adjusting spending habits, trading down to lower goods while also spending large amounts on experiences like travel.
  • Looking ahead: Weekly Claims, Exist Home Sales, Fed Speak from NY Fed Williams, Atlanta Fed Bostic and Boston Fed Collins.
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  • Jun'24 10Y futures have fallen from Wednesday highs of 108-08, we now trade - 02+ from NY closing levels at 108-02+ after initial hitting a morning high of 108-05, comments from the Fed's Bowman could be weighing on sentiment. We still trade well above initial support at 107-13+ (Apr 16 low), while to the upside resistance holds at 108-25+ (Apr 12 high)
  • Cash Treasury yields are slightly higher today, with the 2Y yield +0.4 at 4.936%, 10Y +0.6bps to 4.593%.
  • (MNI) Fed Well-Positioned To Wait, Gather Data - Mester (See Link)
  • Earlier, Fed's Bowman acknowledges that progress on inflation has slowed, if not stalled, despite strong economic conditions and ongoing job growth, suggesting that current monetary policy may be restrictive, but its sufficiency remains uncertain. He notes that consumers may be adjusting spending habits, trading down to lower goods while also spending large amounts on experiences like travel.
  • Looking ahead: Weekly Claims, Exist Home Sales, Fed Speak from NY Fed Williams, Atlanta Fed Bostic and Boston Fed Collins.