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US TSYS: Tsys Steady In Early Trading, Focus Turns To PPI

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • It has been a quiet open to tsys in Asia we trade just off the overnight lows. TU is +00⅞ at 102-18⅝, while TY is +03 at 108-11+.
  • JPM see value in 2yr tsys, noting that markets now price in just one more Fed rate cut for this cycle. They highlight that yields are near the top of a well-established range, making the front end attractive. The main risk would be unexpected labor market tightening, but with the next jobs report still weeks away, this isn’t an immediate concern.
  • The 2yr has spent the past 4 months trading between 4.40% and 4.20% after hitting a low of 3.50% in September, we last trade at 4.345%.
  • Focus will turn to PPI later today, while we also have jobless claims
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  • It has been a quiet open to tsys in Asia we trade just off the overnight lows. TU is +00⅞ at 102-18⅝, while TY is +03 at 108-11+.
  • JPM see value in 2yr tsys, noting that markets now price in just one more Fed rate cut for this cycle. They highlight that yields are near the top of a well-established range, making the front end attractive. The main risk would be unexpected labor market tightening, but with the next jobs report still weeks away, this isn’t an immediate concern.
  • The 2yr has spent the past 4 months trading between 4.40% and 4.20% after hitting a low of 3.50% in September, we last trade at 4.345%.
  • Focus will turn to PPI later today, while we also have jobless claims