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Tsys Off Lows Despite SF Fed President Daly Comments

US TSY FUTURES
  • US treasury futures are drifting off lows despite headlines from SF Fed President Mary Daly interview on Fox Business in the last few minutes. Leaning toward the hawkish side of balanced, Daly's comments strike a familiar refrain for the week:
    • PREMATURE TO THINK RATE CUTS AROUND THE CORNER
    • WE HAVE A LOT OF WORK LEFT TO DO ON INFLATION
    • NEED MORE EVIDENCE TO FEEL CONFIDENT TO ADJUST POLICY RATE
    • ANY EARLY SIGNS THAT LABOR MARKET COULD FALTER COULD ALSO TRIGGER POLICY ADJUSTMENT
  • Mar'24 10Y futures climbed back to 111-06 (-.5) before settling back in at 111-04, well inside technical ranges: initial support of 110-26 Intraday low, resistance above at 111-28+/112-26+ (20-day EMA / High Jan 12). 10Y yield remains well above 4% at 4.1437% (0.17) vs. 4.1957% session high.
  • Reminder, SF Fed Daly will attend a fireside chat/economic roundtable with Q&A at 1615ET.

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