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US TSYS: Firmer In Post-Thanksgiving Catch-Up

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries have pushed through pre-Thanksgiving highs overnight ahead of today’s shortened session. Cash closes at 1400ET and Tsy futures at 1315ET.
  • Crude futures reversing yesterday’s increase offer only a mild tailwind with moves appearing to rather be some post-Thanksgiving catch-up.
  • Cash yields are 2.7-5.7bp lower from Wednesday’s close, with declines led by 20s.
  • 10Y yields are at 4.211% (-4.7bps) off an earlier low of 4.2013%. A clear break through the 4.20% level could open the more interesting area of 4.1548% for a very short term retrace of the Sep/Nov range.
  • 2s10s has seen a return of the recent flattening trend, currently 1.1bp (-2.8bp) as it nears recent lows of modest inversion after Bessent’s Treasury Sec pick.
  • TYZ4 trades at 111-03+ off earlier highs of 111-05 having breached Wednesday’s 111-01, on reasonably strong cumulative volumes of 485k.
  • It sets sights on resistance at 111-14 (50-day EMA) as a short-term corrective bull cycle remains in play. Support meanwhile is seen at 110-01 (Nov 25 low).
  • No data, Fedspeak or issuance today. 
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  • Treasuries have pushed through pre-Thanksgiving highs overnight ahead of today’s shortened session. Cash closes at 1400ET and Tsy futures at 1315ET.
  • Crude futures reversing yesterday’s increase offer only a mild tailwind with moves appearing to rather be some post-Thanksgiving catch-up.
  • Cash yields are 2.7-5.7bp lower from Wednesday’s close, with declines led by 20s.
  • 10Y yields are at 4.211% (-4.7bps) off an earlier low of 4.2013%. A clear break through the 4.20% level could open the more interesting area of 4.1548% for a very short term retrace of the Sep/Nov range.
  • 2s10s has seen a return of the recent flattening trend, currently 1.1bp (-2.8bp) as it nears recent lows of modest inversion after Bessent’s Treasury Sec pick.
  • TYZ4 trades at 111-03+ off earlier highs of 111-05 having breached Wednesday’s 111-01, on reasonably strong cumulative volumes of 485k.
  • It sets sights on resistance at 111-14 (50-day EMA) as a short-term corrective bull cycle remains in play. Support meanwhile is seen at 110-01 (Nov 25 low).
  • No data, Fedspeak or issuance today.