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Tsys Futures Edges Lower, Curve Flattens

US TSYS
  • Tsys futures opened the session slightly higher today before turning lower on headlines out of Japan around FX intervention and Ruling party heavyweight Ishiba saying the BoJ is on right track to align with world interest rates and followed up by dovish comments from BoJ Deputy Governor Uchida.
  • TUU4 is - 02+ at 103-08⅞, while TYU4 is - 06 at 113-07, we trade at session lows and have jsut broken through the lows made overnight.
  • The cash treasury curve has bear-flattened, with yields 1-5bps higher. The 2y is back above 4% after trading +4.7bps to 4.022%, while the 10y is +2.5bps at 3.916%.
  • Fed fund futures for September meeting has softened 3-5bps into year-end with 42bps of cuts priced for Sept, and 102bps by December.
  • Today, we have MBA Mortgage Apps and Consumer Credit, Boston Fed Collins speak, but is not expected to speak about policy, US Tsy $42B 10Y Note auction.
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