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US TSYS: European CPI-Led Rally Faded, PCE In Focus

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have comfortably moved away from highs seen after surprisingly soft individual Eurozone country inflation data.
  • Benchmarks are back little changed on the day to consolidate yesterday’s flattening, with little impact from the increased odds of the ECB opting for a back-to-back cut in October.
  • Cash yields are 0.4bp (2s) to 1.1bp lower (30s) today.
  • 2s10s at 16.4bps (-0.6bp) holds yesterday’s further pullback from mid-week fresh ytd highs of 24.1bps.
  • TYZ4 trades at 114-12+ (-00+) off a post-EZ data high of 114-19, having remained within yesterday’s range throughout on strong cumulative volumes of 415k.
  • Yesterday’s low of 114-07 moved closer still to support at 114-00+ (Sep 4 low) after which lies 113-26+ (50-day EMA) but a bullish theme is seen remaining in place with resistance at 115-02+ (Sep 19 high).  
  • Data: PCE Aug (0830ET), Adv trade balance Aug (0830ET), U.Mich Sep F (1000ET), Wholesale/retail inventories Aug P/Aug (1000ET), KC Fed services Sep (1100ET)
  • Fedspeak: Collins & Kugler travel for small business meetings (0930ET), Bowman Q&A at Alabama Bankers’ Association (1315ET)
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  • Treasuries have comfortably moved away from highs seen after surprisingly soft individual Eurozone country inflation data.
  • Benchmarks are back little changed on the day to consolidate yesterday’s flattening, with little impact from the increased odds of the ECB opting for a back-to-back cut in October.
  • Cash yields are 0.4bp (2s) to 1.1bp lower (30s) today.
  • 2s10s at 16.4bps (-0.6bp) holds yesterday’s further pullback from mid-week fresh ytd highs of 24.1bps.
  • TYZ4 trades at 114-12+ (-00+) off a post-EZ data high of 114-19, having remained within yesterday’s range throughout on strong cumulative volumes of 415k.
  • Yesterday’s low of 114-07 moved closer still to support at 114-00+ (Sep 4 low) after which lies 113-26+ (50-day EMA) but a bullish theme is seen remaining in place with resistance at 115-02+ (Sep 19 high).  
  • Data: PCE Aug (0830ET), Adv trade balance Aug (0830ET), U.Mich Sep F (1000ET), Wholesale/retail inventories Aug P/Aug (1000ET), KC Fed services Sep (1100ET)
  • Fedspeak: Collins & Kugler travel for small business meetings (0930ET), Bowman Q&A at Alabama Bankers’ Association (1315ET)