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US TSYS: Curve A Little Flatter As Logan Leans Hawkish

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America

Tsys slip a little further in the hour since Dallas Fed President Logan leant hawkish (in line with her historical stance, greater colour on that in recent bullet), pointing to a preference for a more gradual path back to normal rates.

  • Yields 2.5-3.0bp higher on the day.
  • 2s10s 1bp flatter since Logan’s comments.
  • Bears push TYZ4 to session fresh lows at 112-10+, just above yesterday’s low (112-10), before a recovery to 112-12+.
  • A break of yesterday’s base would expose round number support at 112-00.
  • The recently covered block buy in WN futures helps the space stabilise.
  • A little more Fed rate cut premium removed from the market, with ~117bp of cuts now priced through June ’25 vs. ~120bp heading into the comments.
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Tsys slip a little further in the hour since Dallas Fed President Logan leant hawkish (in line with her historical stance, greater colour on that in recent bullet), pointing to a preference for a more gradual path back to normal rates.

  • Yields 2.5-3.0bp higher on the day.
  • 2s10s 1bp flatter since Logan’s comments.
  • Bears push TYZ4 to session fresh lows at 112-10+, just above yesterday’s low (112-10), before a recovery to 112-12+.
  • A break of yesterday’s base would expose round number support at 112-00.
  • The recently covered block buy in WN futures helps the space stabilise.
  • A little more Fed rate cut premium removed from the market, with ~117bp of cuts now priced through June ’25 vs. ~120bp heading into the comments.