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US TSYS: Tsys Futures Slightly Lower, Focus On FOMC Tomorrow

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • It has been a relatively quiet session today, following last nights sell-off in risk assets, focus is now on Wednesday FOMC meeting. Tsys futures have given back a small portion of the overnight gains, although still trade near closing levels, with TU -01⅜ at 102-27⅝, while TY is -06 at 108-31.
  • Cash tsys curves have flattened a tough throughout the session, with the 2yr +1.7bps at 4.212%, while the 10yr is +1.6bps at 4.551%. The 2s10s unchanged at 33bps, while the 2s30s is -0.5bps at 58bps.
  • President Trump’s Treasury pick, Scott Bessent, reportedly supports a universal tariff on US imports starting at 2.5%, with monthly increases of the same amount. Meanwhile, Trump has signaled a preference for significantly higher tariffs, stating they should be “much bigger” than 2.5%.
  • Trump has also expressed eagerness to work with Congress on what he calls the largest tax cuts and reforms in US history. Speaking at a House Republican retreat in Florida, he emphasized avoiding delays in the budget process and said he is flexible on whether the changes are passed in one bill or multiple bills. Trump reiterated his campaign promises not to tax tips, Social Security, or overtime payments, stressing the goal of lowering taxes for all Americans, not just the wealthy.
  • The majority of Asian markets will be out at some point this week for Chinese New Years, so expect trading to be on the quiet side, later tonight we have Durable Goods Orders, FHFA House Price Index, Conf. Board Consumer Confidence, Richmond Fed Manufact. Index as well as earnings from PACCAR, Sysco Corp, Synchrony Financial, Lockheed Martin Corp, Veradigm, Royal Caribbean, Polaris Inc., Boeing, NextEra Energy, JetBlue Airways, General Motors, Kimberly-Clark Corp, Invesco, Starbucks, Qorvo and Stryker Corp
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  • It has been a relatively quiet session today, following last nights sell-off in risk assets, focus is now on Wednesday FOMC meeting. Tsys futures have given back a small portion of the overnight gains, although still trade near closing levels, with TU -01⅜ at 102-27⅝, while TY is -06 at 108-31.
  • Cash tsys curves have flattened a tough throughout the session, with the 2yr +1.7bps at 4.212%, while the 10yr is +1.6bps at 4.551%. The 2s10s unchanged at 33bps, while the 2s30s is -0.5bps at 58bps.
  • President Trump’s Treasury pick, Scott Bessent, reportedly supports a universal tariff on US imports starting at 2.5%, with monthly increases of the same amount. Meanwhile, Trump has signaled a preference for significantly higher tariffs, stating they should be “much bigger” than 2.5%.
  • Trump has also expressed eagerness to work with Congress on what he calls the largest tax cuts and reforms in US history. Speaking at a House Republican retreat in Florida, he emphasized avoiding delays in the budget process and said he is flexible on whether the changes are passed in one bill or multiple bills. Trump reiterated his campaign promises not to tax tips, Social Security, or overtime payments, stressing the goal of lowering taxes for all Americans, not just the wealthy.
  • The majority of Asian markets will be out at some point this week for Chinese New Years, so expect trading to be on the quiet side, later tonight we have Durable Goods Orders, FHFA House Price Index, Conf. Board Consumer Confidence, Richmond Fed Manufact. Index as well as earnings from PACCAR, Sysco Corp, Synchrony Financial, Lockheed Martin Corp, Veradigm, Royal Caribbean, Polaris Inc., Boeing, NextEra Energy, JetBlue Airways, General Motors, Kimberly-Clark Corp, Invesco, Starbucks, Qorvo and Stryker Corp