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US TSYS: Front End Leads Sell Off

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America

Tsys remain under pressure. 

  • A move higher in crude oil futures and hawkish move in the front end of the GBP curve are weighing.
  • Yields 1.5-5.0bp higher, curve bear flattens.
  • Yields out to 10s are through post-NFP highs.
  • 10s continue to probe 4.00%, a level not breached since early August.
  • The psychological level protects the Aug 8 high (4.0204%). As we have already noted, that equates to 112-15 in TY futures today (actual August 8 low of 112-18 may provide intermediate support).
  • Lows of 112-20+ in that contract so far.
  • 2s10s curve bases ahead of 0bp.
  • Flow has been dominated by downside expressions, with over 30K of the TYX4 112.75/112.00 1x2 put spread bought across Asia & early London hours.
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Tsys remain under pressure. 

  • A move higher in crude oil futures and hawkish move in the front end of the GBP curve are weighing.
  • Yields 1.5-5.0bp higher, curve bear flattens.
  • Yields out to 10s are through post-NFP highs.
  • 10s continue to probe 4.00%, a level not breached since early August.
  • The psychological level protects the Aug 8 high (4.0204%). As we have already noted, that equates to 112-15 in TY futures today (actual August 8 low of 112-18 may provide intermediate support).
  • Lows of 112-20+ in that contract so far.
  • 2s10s curve bases ahead of 0bp.
  • Flow has been dominated by downside expressions, with over 30K of the TYX4 112.75/112.00 1x2 put spread bought across Asia & early London hours.