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US TSYS: 2Y Yields Touch Post-WSJ/FT Highs On Light Volumes Pre-Fed

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have seen some modest downward pressure after a hawkish reaction in UK rates following a mostly inline CPI report ruling out any downside surprises.
  • Cash yields are mostly~1.5bp higher across the curve, with 2Y yields earlier touching 3.621% for highs since Thursday's dovish Fed "close call" WSJ/FT articles.
  • 2s10s is within recent ranges and remains in positive territory at 4.7bps - Monday’s high of 10.4bps remains the highest since mid-2022.
  • TYZ4 at 115-07 (- 05) is close to the day’s low of 115-05+ albeit on light cumulative volumes of 225k ahead of the Fed. It’s a step closer to support at 114-31+ (Sep 12 low) but the trend needle points north with resistance at 115-23+ (Sep 11 high) and 115-31 (1.618 proj of Aug 8 – 21 – Sep 3 swing).
  • Data: MBA mortgage application Sep 13 (0700ET), Housing starts/building permits Aug (0830ET), TIC flows Jul (1600ET)
  • Fed: FOMC decision and SEP (1400ET), Chair Powell press conference (1430ET)
  • Bill issuance: US Tsy $60B 17W bill auction (1130ET)
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  • Treasuries have seen some modest downward pressure after a hawkish reaction in UK rates following a mostly inline CPI report ruling out any downside surprises.
  • Cash yields are mostly~1.5bp higher across the curve, with 2Y yields earlier touching 3.621% for highs since Thursday's dovish Fed "close call" WSJ/FT articles.
  • 2s10s is within recent ranges and remains in positive territory at 4.7bps - Monday’s high of 10.4bps remains the highest since mid-2022.
  • TYZ4 at 115-07 (- 05) is close to the day’s low of 115-05+ albeit on light cumulative volumes of 225k ahead of the Fed. It’s a step closer to support at 114-31+ (Sep 12 low) but the trend needle points north with resistance at 115-23+ (Sep 11 high) and 115-31 (1.618 proj of Aug 8 – 21 – Sep 3 swing).
  • Data: MBA mortgage application Sep 13 (0700ET), Housing starts/building permits Aug (0830ET), TIC flows Jul (1600ET)
  • Fed: FOMC decision and SEP (1400ET), Chair Powell press conference (1430ET)
  • Bill issuance: US Tsy $60B 17W bill auction (1130ET)