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Tsy Curve Flattens Ahead of FOMC

US TSYS

TYH4 is trading at 111-25, + 05+ from NY closing levels.

US data out overnight showed higher than expected JOLTS jobs opening at 9.026m Vs 8.75m exp. Meanwhile, Conference Board Consumer Confidence data was in line with expectations for January, but the labour market differential increased strongly from 27.3 to 35.7 for its highest level since April. The 8.4pt increase was the strongest monthly increase since May’21.

  • Treasury curves were flatter with 2s10s -5.251 at -30.065, as bonds continue to outperform following US Tsy cut Q1 borrow est's from $816B to $760B
  • 10Y Treasury Futures slipped post data from near daily highs of 111-26, to trade back to 111-12, the move has almost been entirely reversed though trade currently at 111-25+.
  • Busy night for Data: Mortgage Applications, ADP Employment, MNI Chicago PMI and finally FOMC rate decision.
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