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US TSYS

Bid on Weak PMI Set

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Another jump higher after US PMI data

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US TSY/RECAP
US TSY/RECAP: Tsy traded higher yesterday amid the sharp drop in US equities,
although the 10year remained shy of its Dec 10 highs. The curve saw some bull
flattening thanks to a large rise in the 2year as near term rate hike
expectations fell in part due to Trump's Twitter comments that the Fed even
considering a rate hike is incredible. This saw the 2s-10s spread rise back to
two week highs. 
- US breakevens edged further down in line with stocks, keeping real yields
elevated despite the downtrend in nominal yields. The Fed's Dec rate hike odds
dropped further to 68.3%
- Housing starts, building permits, home sales, and current account data are out
later ahead of Wednesday's eagerly awaited FOMC meeting. 

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