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Tsys Futures Off Earlier Highs, Yields 6-9bps Lower

US TSYS
  • Treasury futures have gapped higher after reports of explosions in Iran. 10Y futures surged + 29+ to an intraday high of 108-22+ just below initial resistance of 108-25+, the contract has reversed half of the move and now trades at 108-09+ up +19 from NY closing levels.
  • Cash treasuries were 10-15bps lower as headlines came out, we have reversed some of those moves to now trade 6-9bps lower for the day, the 2y is -6.4bps at 4.920%, while the 10Y is -8.4bps at 4.549%
  • Across local Asian markets, NZGBs are 5-6bps lower, ACGBs 2-5bps lower, while EM space, INDON yields are 1-4bps higher, while PHILIP yields are 1-3bps higher.
  • Market moves have been dominated by the middle east tension, however there have been some fed speakers with the Fed's Williams saying there is no urgency to cut rates, while Bostic spoke earlier this morning reiterating his view of just one cut this year (MNI - see link here).
  • Looking ahead: There is no economic data to report Friday while Chicago Fed Goolsbee will participate in a moderated Q&A at a SABEW conference (1030ET) ahead of the Fed blackout late Friday.
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