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Twist Flattening On Friday

US TSYS

TYU2 is -0-04+ at 117-14, operating towards the bottom end of its late NY range at typing. The contract is however 0-03+ off its session base, ticking higher as E-minis are through their respective Friday troughs, 0.7-1.0% lower at typing, as participants in Asia react to generally hawkish messages out of Jackson Hole over the weekend.

  • To recap, the curve twist flattened on Friday, running 5.5bp cheaper to 5.0bp richer across major benchmarks, and pivoting around 10s. 2s closed around 3bp cheaper after printing as much as 8bp cheaper earlier, stopping just shy of its mid-June lows.
  • Australian retail sales data headlines the Asia-Pac docket. Further out, a speech from ECB Chief Economist Lane is due, followed by the Dallas Fed m’fing activity data, and Fedspeak from Fed Vice Chair Brainard (‘22 voter).
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