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Tsys Futures Edge Lower Ahead Of Tsys Auctions

US TSYS
  • Treasury futures have edged slightly lower throughout the session, although ranges have been tight while volumes have been largely roll based. TUU4 is - 00+ at 103-10¼, while TYU4 is - 02+ at 113-16+
  • Cash treasury yields are flat to 1bp higher, with the 2yr yield +0.1bp at 3.937, while the 10yr yield is trading near yearly lows at 3.824%.
  • Fed funds futures are currently pricing in 32bps of cuts for the September meeting, pricing has softened 3-4bps into year-end with 99.5bps of cuts now priced for the December meeting.
  • Treasury auction cycle begins later today with $69b 2-year note, while $70b 5-year and $44b 7-year following later in the week, at current levels all three auctions would be the lowest-yielding ones in more than a year.
  • Today, we have housing Data, Consumer Confidence, regional Fed data from Dallas and Richmond Fed.
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