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Treasury Futures Little Changed, Volumes Low & Ranges Tight

US TSYS
  • Treasury futures have done very little in early morning trading 5Y & 10Y are slightly higher, while the rest of the curve remains unchanged. The 10Y contract is up + 02 to 107-29+, a downward trend remains and a bear cycle remains in play, initial support is at 107-13+ (Apr 16 low), while initial resistance is 108-22+ (Apr 19 high).
  • Cash Treasury curve is slightly steeper on Tuesday with the 2Y yield -0.4bps to 4.967%, 10Y +0.2bps to 4.611%, the 2y10y is +0.636 at -35.860.
  • Projected rate cut pricing running steady to mildly lower vs. late Friday lvls: May 2024 -2.6% w/ cumulative -0.6bp at 5.322%; June 2024 at -16.2% w/ cumulative rate cut -4.7bp at 5.282%. July'24 cumulative at 11.6bp, Sep'24 cumulative -22.3bp.
  • Looking ahead: Philadelphia Fed Non-Manufacturing Activity, S&P Global US PMI, New Home Sales
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  • Treasury futures have done very little in early morning trading 5Y & 10Y are slightly higher, while the rest of the curve remains unchanged. The 10Y contract is up + 02 to 107-29+, a downward trend remains and a bear cycle remains in play, initial support is at 107-13+ (Apr 16 low), while initial resistance is 108-22+ (Apr 19 high).
  • Cash Treasury curve is slightly steeper on Tuesday with the 2Y yield -0.4bps to 4.967%, 10Y +0.2bps to 4.611%, the 2y10y is +0.636 at -35.860.
  • Projected rate cut pricing running steady to mildly lower vs. late Friday lvls: May 2024 -2.6% w/ cumulative -0.6bp at 5.322%; June 2024 at -16.2% w/ cumulative rate cut -4.7bp at 5.282%. July'24 cumulative at 11.6bp, Sep'24 cumulative -22.3bp.
  • Looking ahead: Philadelphia Fed Non-Manufacturing Activity, S&P Global US PMI, New Home Sales