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Free AccessTsys Futures Edge Higher Through Asia Session, Volumes Light
- Treasury futures have edged higher throughout the session, slowly clawing back the weakness made overnight after lower-than-expected jobless claims. There has been some block buying in the FV contract, and a block steepener trade a moment ago.
- TUU4 is +0-01¾ at 103-09 while TYU4 + 08 at 112-29.
- The cash treasury curve has bull-steepened today with yields 2-4bps lower. The 2yr is -3.3bps at 4.005%, while the 10yr is -2.5bps at 3.963%.
- The moves lower in yields could have also been helped by dovish comments from the Fed's Schmid & Goolsbee.
- Overnight the recent 30-year Treasury bond auction drew a yield of 4.314%, which was 3.1bps higher than the pre-sale yield of 4.283%, the tail is outside the normal range for long-bond auctions since 2020, marking it as the 7th worst monthly long-bond auction since the start of COVID-19. This follows a similarly poor outcome in the previous day's 10-year note auction.
- Projected rate cut pricing into year end off early morning levels (*): Sep'24 cumulative -40.5bp (-44.8bp), Nov'24 cumulative -71.5bp (-77.6bp), Dec'24 -103.2bp (-109.3bp).
- Today, it is a very empty calendar with no data or fed speak.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.