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US TSYS: Tsys Yields Cheaper, Curve Bear-Steepens

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Tsys futures are trading lower today, although within Friday's ranges, volumes are high, however this is largely linked to roll activity, with no notable tsys flows to note, there was however a large buyer in fed funds April 25 futures, 95.685 in 34k. TU is -01 at 103-14+, while TY is trading -02 at 111-01 and now -09 from Friday's highs.
  • Cash tsys curves are slightly steeper, with yields 2-3bps cheaper. The 2yr is +2bps at 4.009%, while the 10yr is the worst performing across the curve +2.7bps at 4.235%. The 2s10s is +0.6bps at 22.128.
  • Earlier, Zelenskiy expressed willingness to meet Trump for a constructive dialogue to address serious issues, following a tense White House encounter and emphasized Ukraine’s readiness to finalize a minerals deal with the US that was recently paused. Speaking in London on Sunday after a European security summit, Zelenskiy underscored the need for equal dialogue, avoided an apology for prior friction, and defended Ukraine’s dignity while affirming openness to any cooperative format with the US.
  • later today we have S&P Global US Manufacturing PMI & ISM data
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  • Tsys futures are trading lower today, although within Friday's ranges, volumes are high, however this is largely linked to roll activity, with no notable tsys flows to note, there was however a large buyer in fed funds April 25 futures, 95.685 in 34k. TU is -01 at 103-14+, while TY is trading -02 at 111-01 and now -09 from Friday's highs.
  • Cash tsys curves are slightly steeper, with yields 2-3bps cheaper. The 2yr is +2bps at 4.009%, while the 10yr is the worst performing across the curve +2.7bps at 4.235%. The 2s10s is +0.6bps at 22.128.
  • Earlier, Zelenskiy expressed willingness to meet Trump for a constructive dialogue to address serious issues, following a tense White House encounter and emphasized Ukraine’s readiness to finalize a minerals deal with the US that was recently paused. Speaking in London on Sunday after a European security summit, Zelenskiy underscored the need for equal dialogue, avoided an apology for prior friction, and defended Ukraine’s dignity while affirming openness to any cooperative format with the US.
  • later today we have S&P Global US Manufacturing PMI & ISM data