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US TSYS:  Early Losses Paired Back as Yields Drift Lower. 

US TSYS
  • After yesterday’s weak close in US time with yields 2-4bp higher into the Asia open, bonds then turned around today to finish lower in yield.
  • US 2YR 4.169% (-1.3bp), US 5YR 4.107% (-0.7bp), US 10YR 4.226% (unch) US 30YR 4.407% (+0.4bp)
  • Despite the movements in cash, and the uncertainty emanating from Korea, futures had a quiet day opening at 110-31 where they have stayed for most of the day.
  • In a week of data that will likely seal the rates decision, tonight sees a raft of data including ADP, PMIs, ISM, Factory Orders and Durable Goods.
  • Projected rate cuts into early 2025 look mixed after surging late Monday following Fed Gov Waller's comments but moved higher with the lower yields.   Current levels as follows: Dec'24 cumulative -18.4bp, Jan'25 -24bp, Mar'25 -40bp, May'25 -48bp.
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  • After yesterday’s weak close in US time with yields 2-4bp higher into the Asia open, bonds then turned around today to finish lower in yield.
  • US 2YR 4.169% (-1.3bp), US 5YR 4.107% (-0.7bp), US 10YR 4.226% (unch) US 30YR 4.407% (+0.4bp)
  • Despite the movements in cash, and the uncertainty emanating from Korea, futures had a quiet day opening at 110-31 where they have stayed for most of the day.
  • In a week of data that will likely seal the rates decision, tonight sees a raft of data including ADP, PMIs, ISM, Factory Orders and Durable Goods.
  • Projected rate cuts into early 2025 look mixed after surging late Monday following Fed Gov Waller's comments but moved higher with the lower yields.   Current levels as follows: Dec'24 cumulative -18.4bp, Jan'25 -24bp, Mar'25 -40bp, May'25 -48bp.