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Treasury Futures Little Changed After Earlier Testing Support

US TSYS
  • Jun'24 10Y futures have remained in tight ranges throughout the day testing initial support at 107-16, before making highs of 107-21+, we now trade - 01+ from NY closing levels at 107-20.
  • Cash Treasury curve has erased earlier moves with yields mostly unchanged for the day, the 2Y yield -0.6bp at 4.981%, 10Y -0.6bps to 4.661%, while the 2y10y is back to unchanged at -31.149.
  • Bond volatility has spiked with the Move Index up 38.45% MTD to 119.59.
  • Looking ahead: Beige Book, TIC Flows and more Fed speakers later in the evening: Cleveland Fed Mester on a Federal Reserve update (Q&A) at 1730ET, Fed Gov Bowman IIF Global Outlook Forum (no text, Q&A) at 1915ET.

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