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Treasury Futures Slip, Curve Flattens, Ukraine Aid Bill Passes

US TSYS
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  • Treasury futures have slipped as we head into the Asia break, weakness in the rates markets looks to have coincided with a strong AU CPI print, with the 10Y contract trading down (- 04) to 107-29, we are just off those levels now at 107-30, while the 2Y is slightly underperforming now trading down (-01 +) at intraday lows of 101-17.625.
  • Cash Treasury curve has bear-flattened throughout the session with the 2Y yield +1.3bps to 4.944%, 10Y +1.2bps to 4.613%, while the 2y10y is +2.073 at -31.207
  • Across local rate markets, NZGBs curve is steeper with yields 3-4bps higher, ACGBs curve is has bear-flattened with yields 11-16bps higher, while JGBs curve is little changed in the short and belly of the curve, while the long end is 1-3bps higher.
  • DBS recommends going long 2Y UST, with the assumption short end yields are cap with the Fed doesn't tighten any further
  • Earlier the US Senate passed the $95b emergency Aid package for Ukraine
  • Looking ahead: Durable/Capital Goods, Tsy Auctions later today
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  • Treasury futures have slipped as we head into the Asia break, weakness in the rates markets looks to have coincided with a strong AU CPI print, with the 10Y contract trading down (- 04) to 107-29, we are just off those levels now at 107-30, while the 2Y is slightly underperforming now trading down (-01 +) at intraday lows of 101-17.625.
  • Cash Treasury curve has bear-flattened throughout the session with the 2Y yield +1.3bps to 4.944%, 10Y +1.2bps to 4.613%, while the 2y10y is +2.073 at -31.207
  • Across local rate markets, NZGBs curve is steeper with yields 3-4bps higher, ACGBs curve is has bear-flattened with yields 11-16bps higher, while JGBs curve is little changed in the short and belly of the curve, while the long end is 1-3bps higher.
  • DBS recommends going long 2Y UST, with the assumption short end yields are cap with the Fed doesn't tighten any further
  • Earlier the US Senate passed the $95b emergency Aid package for Ukraine
  • Looking ahead: Durable/Capital Goods, Tsy Auctions later today