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Treasury Futures Off Lows, Higher Weekly Claims Set Stage For PCE Later

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Treasuries futures ended the Thursday session near daily highs, after weekly claims comes out a little higher than expected at 218k vs. 217k est, while continuing claims were lower than expected at 1.791M vs. 1.796M est, GDP in-line at 1.3% while Personal Consumption slips to 2.0% vs 2.2% est triggered a rebound.

  • Treasury futures ticked higher late into the Asian session on Thursday after large block buy of TY traded. TU was ( + 3-125) at 101-25.25, while (+15) at 108-17+.
  • Treasuries remain vulnerable and yesterday’s extension lower reinforces a bearish theme and marks an extension of the reversal from the May 16 high. Initial support rests at 107-31 (May 29 lows), while initial resistance holds just above currently levels at 108-19 (May 30 highs) a break here we opened a move to 109-00+ (20-day EMA)
  • Cash treasury curve bull-flattened on Thursday, yields were 4-7bps lower, the 2Y -4.8bps to 4.925%, the 10Y -6.6bps at 4.246% while the 2y10y was -1.996 at -38.292.
  • Fed-speak leaned dovish as Atlanta Fed President Bostic (unscheduled) expects the pace of economic growth to slow, while a rate hike isn't necessary to reach 2Y goal.
  • Looking ahead; PCE, Personal Income/Spending and MNI's Chicago PMI.
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Treasuries futures ended the Thursday session near daily highs, after weekly claims comes out a little higher than expected at 218k vs. 217k est, while continuing claims were lower than expected at 1.791M vs. 1.796M est, GDP in-line at 1.3% while Personal Consumption slips to 2.0% vs 2.2% est triggered a rebound.

  • Treasury futures ticked higher late into the Asian session on Thursday after large block buy of TY traded. TU was ( + 3-125) at 101-25.25, while (+15) at 108-17+.
  • Treasuries remain vulnerable and yesterday’s extension lower reinforces a bearish theme and marks an extension of the reversal from the May 16 high. Initial support rests at 107-31 (May 29 lows), while initial resistance holds just above currently levels at 108-19 (May 30 highs) a break here we opened a move to 109-00+ (20-day EMA)
  • Cash treasury curve bull-flattened on Thursday, yields were 4-7bps lower, the 2Y -4.8bps to 4.925%, the 10Y -6.6bps at 4.246% while the 2y10y was -1.996 at -38.292.
  • Fed-speak leaned dovish as Atlanta Fed President Bostic (unscheduled) expects the pace of economic growth to slow, while a rate hike isn't necessary to reach 2Y goal.
  • Looking ahead; PCE, Personal Income/Spending and MNI's Chicago PMI.