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Free AccessTsys Little Changed Ahead Of FOMC Minutes
- Treasury futures little changed today ahead of FOMC meeting minutes later today. During the first part of the session futures continued the upward move with TYU4 hitting a high of 113-24 before trading off to where we trade now at 113-20, while TUU4 +0-00¼ at 103-08⅛.
- A bullish theme remains intact and support remains in place as TYU4 trades above all key moving averages. The 10yr recent breach of 111-01, the Jun 14 high, confirmed a resumption of the uptrend with the 20-day EMA at 112-26 acting as initial support, while resistance is at 114-03 the August 6 highs.
- Cash treasury curves is little changed today yields are +/- 0.5bp. The 2yr is +0.4bps at 3.987%, while the 10yr is +0.2bps at 3.809% vs yearly lows of 3.789%.
- The 2s10s has almost erased all the steepening that occurred at the start of the month and now trades at -18.291
- Projected rate cuts through year end gaining vs. early Tuesday levels (*): Sep'24 cumulative -32.5bp (-31.1bp), Nov'24 cumulative -63.4bp (-61.3bp), Dec'24 -97.4bp (-94.2bp).
- Main with focus on Wednesday afternoon's July FOMC minutes. The KC Fed hosted Jackson Hole economic symposium "Reassessing the Effectiveness and Transmission of Monetary Policy," will be held Aug. 22-24, Fed Chairman Powell speaking 1000ET Friday Morning.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.