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US TSYS: Curves Twist Flatter Day After FOMC Rate Cut, SLOOS & Fed Speak Tuesday

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries look to finish mixed Friday, curves twisting flatter (2s10s -7.467 at 4.961; 5s30s -7.229 at 28.347) as short end rates trade weaker the day after the Fed delivered a 25bp cut to maintain the federal funds rate in a target range of 4.5-4.75%.
  • Currently, the Dec'24 10Y contract trades +.5 at 110-06.5, well off midmorning high of 110-19.5 after the U.Mich consumer sentiment improved by more than expected in the preliminary November report at 73.0 (cons 71.0) after 70.5, still highest since April. 
  • There is a big caveat that the survey period ran up to Nov 4 and will have missed the presidential election results. Consumer sentiment showed markedly differing levels by political party, with democrats at 94.9 vs republicans 57.9 ahead of the election.
  • The US dollar came firmly back into favor Friday as Trump trades gained renewed confidence, aided by the cleaner positioning following the sharp post-election reversals seen late Wednesday and across Thursday’s session.
  • No data Monday in observance of Veterans Day holiday. Cash FI markets closed but open on Globex, NYSE and Nasdaq open as well. Fed speakers resume Tuesday in addition to the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS).
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  • Treasuries look to finish mixed Friday, curves twisting flatter (2s10s -7.467 at 4.961; 5s30s -7.229 at 28.347) as short end rates trade weaker the day after the Fed delivered a 25bp cut to maintain the federal funds rate in a target range of 4.5-4.75%.
  • Currently, the Dec'24 10Y contract trades +.5 at 110-06.5, well off midmorning high of 110-19.5 after the U.Mich consumer sentiment improved by more than expected in the preliminary November report at 73.0 (cons 71.0) after 70.5, still highest since April. 
  • There is a big caveat that the survey period ran up to Nov 4 and will have missed the presidential election results. Consumer sentiment showed markedly differing levels by political party, with democrats at 94.9 vs republicans 57.9 ahead of the election.
  • The US dollar came firmly back into favor Friday as Trump trades gained renewed confidence, aided by the cleaner positioning following the sharp post-election reversals seen late Wednesday and across Thursday’s session.
  • No data Monday in observance of Veterans Day holiday. Cash FI markets closed but open on Globex, NYSE and Nasdaq open as well. Fed speakers resume Tuesday in addition to the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS).