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Tsys Futures Steady Ahead Of Flash PMIs & Corp Earnings

US TSYS
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  • It has been a subdued trading day in Asia today, yields are flat to 1bps lower, with the curve bull-steepening, the 10Y is -0.6bp at 4.245%.
  • Treasury futures traded in very tight ranges today, while volumes were also muted. TYU4 trades at 110-26 after marking lows of 110-23+ in early morning trade.
  • A Reuters poll released earlier shows Kamala Harris ahead of Trump for the Presidency 44% to 42%, while the betting odds at PredictIt have Trump at 55% down 4pts, while Kamala is trailing with a 46% chance up 2pts.
  • Projected rate cut pricing into year end are steady to mildly higher vs. Tuesday morning levels (*): July'24 at -2.5% w/ cumulative at -0.6bp at 5.323%, Sep'24 cumulative -25.1bp (-24.3bp), Nov'24 cumulative -39.6bp (-38.5bp), Dec'24 -62.2bp (-61.1bp)
  • Corporate earning expected today are: Tenet Healthcare, Evercore, AT&T, Amphenol, CME Group, Old Dominion Freight Line, Blackstone Mortgage Trust, International Paper, Boston Scientific, Applied Digital, Lennox International, Fiserv, General Dynamics, Thermo Fisher Scientific, NextEra Energy, Otis Worldwide, Stifel Financial and NextEra Energy.
  • looking ahead, Wholesale/Retail Inventories, Flash PMIs and New Home Sales; Tsy supply includes $30B 2Y FRN Note and $70B 5Y Notes.
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  • It has been a subdued trading day in Asia today, yields are flat to 1bps lower, with the curve bull-steepening, the 10Y is -0.6bp at 4.245%.
  • Treasury futures traded in very tight ranges today, while volumes were also muted. TYU4 trades at 110-26 after marking lows of 110-23+ in early morning trade.
  • A Reuters poll released earlier shows Kamala Harris ahead of Trump for the Presidency 44% to 42%, while the betting odds at PredictIt have Trump at 55% down 4pts, while Kamala is trailing with a 46% chance up 2pts.
  • Projected rate cut pricing into year end are steady to mildly higher vs. Tuesday morning levels (*): July'24 at -2.5% w/ cumulative at -0.6bp at 5.323%, Sep'24 cumulative -25.1bp (-24.3bp), Nov'24 cumulative -39.6bp (-38.5bp), Dec'24 -62.2bp (-61.1bp)
  • Corporate earning expected today are: Tenet Healthcare, Evercore, AT&T, Amphenol, CME Group, Old Dominion Freight Line, Blackstone Mortgage Trust, International Paper, Boston Scientific, Applied Digital, Lennox International, Fiserv, General Dynamics, Thermo Fisher Scientific, NextEra Energy, Otis Worldwide, Stifel Financial and NextEra Energy.
  • looking ahead, Wholesale/Retail Inventories, Flash PMIs and New Home Sales; Tsy supply includes $30B 2Y FRN Note and $70B 5Y Notes.