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Tsys Futures Edge Higher Post Data, Fed's Williams To Speak Shortly

US TSYS
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Futures were weakener heading into US Data on Thursday touching 110, however bounced off these lows after stronger than expected US data was released, however still remain within recent ranges while yields were 1-2bps lower.

  • Jun'24 10Y futures currently are opening 110-14+ vs Thursday lows of 110-00, trading inside technicals. Initial technical resistance 110-26+ (20-day EMA), a break above here will open 110-08 (50-day EMA), while initial support remains at 109-25+ (Low Feb 23) a break here opens a move to 109-14+ (Nov 28 Low)
  • Yields were 1-3bps lower on Thursday, the 2Y yield -1.9bps lower at 4.619%, 10Y-1.4bps lower at 4.25%, while the 2y10y was up 0.498 to -37.063
  • On the data front Personal Income (1.0% vs. 0.4% est), Personal Spending came out in line at 0.2% vs est. Supercore PCE, however, at 4.2% over three-months (from 2.2% in Dec), 3.4% over six-months (from 2.8%). Initial Jobless Claims higher than expected (215k vs. 210k est) while Continuing Claims climbs to 1.905M vs. 1.874M est, While MNI Chicago PMI was 44.0 vs 48.00 expected.
  • Fed speak remains balanced while leaning toward cut(s) in 2H'24. Federal Reserve Bank of Atlanta President Raphael Bostic reiterated Thursday the central bank is likely going to be in a position to begin easing interest rates sometime in the summer, but he added that economic data will be the guide and easing can be pulled forward or pushed back.
  • Upcoming - The NY Fed President John Williams participates in moderated discussion at the Citizens Budget Commission at 8.10pm ET time, 12.10pm AEST
  • Looking ahead: S&P Global US Manufacturing PMI, U. of Mich. Sentiment, Construction Spending, ISMs & Fed Speakers
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Futures were weakener heading into US Data on Thursday touching 110, however bounced off these lows after stronger than expected US data was released, however still remain within recent ranges while yields were 1-2bps lower.

  • Jun'24 10Y futures currently are opening 110-14+ vs Thursday lows of 110-00, trading inside technicals. Initial technical resistance 110-26+ (20-day EMA), a break above here will open 110-08 (50-day EMA), while initial support remains at 109-25+ (Low Feb 23) a break here opens a move to 109-14+ (Nov 28 Low)
  • Yields were 1-3bps lower on Thursday, the 2Y yield -1.9bps lower at 4.619%, 10Y-1.4bps lower at 4.25%, while the 2y10y was up 0.498 to -37.063
  • On the data front Personal Income (1.0% vs. 0.4% est), Personal Spending came out in line at 0.2% vs est. Supercore PCE, however, at 4.2% over three-months (from 2.2% in Dec), 3.4% over six-months (from 2.8%). Initial Jobless Claims higher than expected (215k vs. 210k est) while Continuing Claims climbs to 1.905M vs. 1.874M est, While MNI Chicago PMI was 44.0 vs 48.00 expected.
  • Fed speak remains balanced while leaning toward cut(s) in 2H'24. Federal Reserve Bank of Atlanta President Raphael Bostic reiterated Thursday the central bank is likely going to be in a position to begin easing interest rates sometime in the summer, but he added that economic data will be the guide and easing can be pulled forward or pushed back.
  • Upcoming - The NY Fed President John Williams participates in moderated discussion at the Citizens Budget Commission at 8.10pm ET time, 12.10pm AEST
  • Looking ahead: S&P Global US Manufacturing PMI, U. of Mich. Sentiment, Construction Spending, ISMs & Fed Speakers