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US TSY FUTURES: Gradually Climbing Off Lows

US TSY FUTURES
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasury futures are gradually climbing off pre-FOMC minutes session lows, moderate short covering as markets continue to digest the Sep FOMC minutes while turning attention to tomorrow morning's CPI inflation data.
  • The Dec'24 10Y contract trades 112-09 (-6) vs. 112-04.5 low, on volume of 1.2M so far. 10Y yield just above 4.0 at 4.0006% (+.0424).
  • Consensus sees core CPI at 0.2% M/M in September, although there is sizeable skew toward a higher outcome and our survey of unrounded estimates sees an average 0.26% M/M. That’s only slightly softer than the surprisingly solid 0.28% M/M in August, but the drivers should differ.
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  • Treasury futures are gradually climbing off pre-FOMC minutes session lows, moderate short covering as markets continue to digest the Sep FOMC minutes while turning attention to tomorrow morning's CPI inflation data.
  • The Dec'24 10Y contract trades 112-09 (-6) vs. 112-04.5 low, on volume of 1.2M so far. 10Y yield just above 4.0 at 4.0006% (+.0424).
  • Consensus sees core CPI at 0.2% M/M in September, although there is sizeable skew toward a higher outcome and our survey of unrounded estimates sees an average 0.26% M/M. That’s only slightly softer than the surprisingly solid 0.28% M/M in August, but the drivers should differ.