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Tsys Yields Edge Lower, Bostic To Speak, Home Sales & Dallas Fed Later

US TSYS
  • Jun'24 10Y futures finished the week at 110-24, during the first few hours of trading on Monday, we hit a high of 110-30, lows of 110-27+ and now trade + 04 at 110-28 from NY closing levels.
  • Looking at technical levels: Initial support lays at 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low), while we have just broken initial resistance at 110-26+ (Mar 21 high), above here 111-00+ (50-day EMA), a break above here would open a retest of 111-24 (Mar 12 high).
  • Cash yields were 4-8bps lower on Friday, with the 5yr the best performer down 7.1bps. As trading gets underway for the week, yields are mostly unchanged with the 2yr -0.2bp at 4.587%, 10yr -0.6bps at 4.192% while the 2y10yr is -0.572 at -39.891
  • Atlanta Fed President Raphael Bostic now anticipates only one interest-rate cut this year, likely occurring later than previously expected, citing less confidence in inflation trajectory. Despite Fed officials' outlook for three rate cuts, Bostic notes the economy's resilience, advocating for patience and a slower pace in shrinking the central bank's balance sheet.
  • Monday Data Calendar: Fed Speak, New Home Sales, Dallas Fed Mfg
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