TY Little Changed From Fridays Closing Levels, Curve Flattens On Friday

TYU3 deals at 109-15+, +0-01+, in line with levels seen late in Fridays NY session.

• Cash tsys finished 6bps cheaper to 2bps richer across the major benchmarks, the curve twist flattened pivoting on 10s.
• Tsys were volatile as Fed Chair Powell spoke at the Jackson Hole Symposium before firming off session lows alongside US Equities as Powell's remarks were balanced.
• Fed Chair Powell noted that the Fed is prepared to raise rates if appropriate and intend to hold policy at a restrictive level. He also said there is substantial further ground to cover to get back to price stability.
• FOMC dated OIS remains stable, a terminal rate of ~5.50% is seen in November with ~60bps of cuts by July 2024.
• There is a thin docket in Asia today, further out Dallas Fed Mfg Activity. Looking ahead, Friday's NFP print provides the highlight of the week's data calendar.