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Tsys Futures A Touch Lower, Barkin Needs More Clarity

US TSYS
  • Treasury futures have edged slightly lower this morning, although trade within Thursday's ranges. TUU4 is -0-01⅛ at 102-05¼, while TYU4 is -0-03+ at 110-14.
  • Volumes: TU, 9k, FV 16k, TY 26k
  • The cash treasury curve has opened little changed, yields are 0.5-1bp higher, with the 2Y +0.6bp at 4.743%, 5Y +0.8bp at 4.283% while the 10Y was +0.8bp at 4.267%.
  • APAC: ACGBs are 3-4bps cheaper, curve steeper. NZGBs are 2-3.5bps cheaper while JGBs are 1-4bps cheaper, curve has bear steepened. The JPY continues to weaken and is now trading back above 159.00.
  • Fed's Thomas Barkin stated he needs more clarity on inflation before supporting interest rate cuts, emphasizing the importance of sustained progress towards the Fed’s 2% target and suggesting that current conditions do not warrant forward guidance on future policy adjustments. He reiterated that the Fed's policy is well-positioned and that any rate cuts would be data-dependent.
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