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Tsys Future Steady Ahead Of PPI & Bostic To Speak

US TSYS
  • It has been another very slow Asian session for US Tsys, ranges have been tight while volumes are below average, this follows the US session were many saying it felt like summer holiday volumes. Investors look to be on the sidelines ahead of a busy end of the week for data. Earlier Musk, hosting Trump on X spaces, although there was little spoken in the way of new policy updates.
  • TUU4 is -0-00+ at 103-07⅞, while TYU4 is -0-01 at 113-06+.
  • The cash treasury curve is slightly steeper today, yields are -0.5bps to +1bps. There has been slightly better selling through the belly, the 2yr is -0.3bp at 4.015%, the 7yr is +1bp at 3.8% while the 10yr is +0.8bp at 3.911%.
  • Overnight at the treasury bill auctions buyers favored 3m bills over 6m bills due to increasing bets on Federal Reserve rate cuts. The 3m bills were sold at 5.07%, below the expected yield, while 6m bills were sold at 4.795%, slightly above expectations. The six-month auction saw a lower-than-average bid-to-cover ratio of 2.73.
  • Projected rate cut pricing into year end looks marginally higher vs. early morning levels (*): Sep'24 cumulative -39.8bp (-38.1bp), Nov'24 cumulative -70.4bp (-69.7bp), Dec'24 -101.8bp (-100.6bp).
  • Today, PPI data while Richmond Fed Bostic will discuss his economic outlook.
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