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Treasury Futures Steady In Early Trade, Fed's Daly Speaking

US TSYS
  • Jun'24 10Y futures have opened steady as trading gets underway on Tuesday, the contract made highs of 108-02+ on the open and now sits just off there at 108-00+. We comfortably hold above initial support at 107-16+ (2.50 proj of Dec 27 - Jan 19 - Feb 1 price swing), While to the upside resistance holds at 108.25+ (Apr 12 high)
  • Cash Treasury curve bear-steepened on Monday with yields 2-9bps higher, we have opened mostly unchanged here in Asia with the 2Y yield +0.2bps at 4.923%, 10Y +0.4bp to 4.606%.
  • The Fed's Daly is participating in a fireside chat at the Stanford Institute for Economic Policy Research - "NEED TO BE CONFIDENT INFLATION GOING TO 2% BEFORE REACTING"
  • (Bloomberg) Fed’s Williams Still Expects Rate Cuts to Begin This Year - (See link)
  • Looking ahead: Building Permits, IP/Cap-U, and Fed Speak with Chairman Powell moderating a Q&A session with BoC head Macklem.

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