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US TSYS: Cash Bonds Open Little Changed

US TSYS

TYH4 is trading at 111-07+, +03+ from NY closing levels, maintaining narrow ranges to start the week.
• Cash bonds are trading largely unchanged with a slight flattening trend continuing from last week, the 2yr is 1bp higher, while the 10yr is currently 0.5bp higher.
• US treasuries finished the week off lows Friday despite comments from SF Fed President, Mary Daly. She pushed back against market expectations for interest rate cuts soon, saying she needs to see more evidence that inflation is sustainably headed toward 2% before adjusting rates.
• US Secretary Janet Yellen will deliver what the Treasury Department is billing as a “major address” at the Chicago Economic Club on the state of the US economy on Thursday at about 12:35pm local time (per BBG).

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