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US TSYS: Gains Pared Amidst Further Steepening Bias

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have increasingly pared earlier gains over the past hour, pushing back to little changed through 2-7Y tenors but with the longer end biased lower by German politics-driven pressure on EGBs.
  • It sees Treasuries underperform Gilts ahead of the imminent BoE decision but firmly outperform EGBs.
  • China stimulus will also increasingly come into focus with tomorrow’s conclusion of the NPC Standing Committee.
  • Cash yields sit between 0.4bp lower (2s) and 2.2bps higher (30s). 30Y yields at 4.626% have drawn back close to 4.634% seen prior to the bid after yesterday’s solid 30Y auction.
  • 2s10s at 19.0bps (+1.6bp) is at one of its highest readings from the past month. YTD highs of 24bps were seen in September.
  • TYZ4 has given up earlier modest gains to trade at 109-16 (- 01+) on strong cumulative volumes of 465k.
  • The trend needle points south, with yesterday’s low of 109-07 marking initial support shortly above 109-05 (76.4% retrace of Apr-Sep bull cycle, cont.). Resistance sits 110-21+ (Nov 6 high).
  • Fed: FOMC decision (1400ET), Powell press conference (1430ET)
  • Data: Weekly jobless claims (0830ET), Productivity/ULCs Q3 prelim (0830ET), Wholesale sales/inventories Sep/Sep F (1000ET), Consumer credit Sep (1500ET)
  • Bill issuance: US Tsy $95B 4W, $90B 8W Bill auctions (1130ET)
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  • Treasuries have increasingly pared earlier gains over the past hour, pushing back to little changed through 2-7Y tenors but with the longer end biased lower by German politics-driven pressure on EGBs.
  • It sees Treasuries underperform Gilts ahead of the imminent BoE decision but firmly outperform EGBs.
  • China stimulus will also increasingly come into focus with tomorrow’s conclusion of the NPC Standing Committee.
  • Cash yields sit between 0.4bp lower (2s) and 2.2bps higher (30s). 30Y yields at 4.626% have drawn back close to 4.634% seen prior to the bid after yesterday’s solid 30Y auction.
  • 2s10s at 19.0bps (+1.6bp) is at one of its highest readings from the past month. YTD highs of 24bps were seen in September.
  • TYZ4 has given up earlier modest gains to trade at 109-16 (- 01+) on strong cumulative volumes of 465k.
  • The trend needle points south, with yesterday’s low of 109-07 marking initial support shortly above 109-05 (76.4% retrace of Apr-Sep bull cycle, cont.). Resistance sits 110-21+ (Nov 6 high).
  • Fed: FOMC decision (1400ET), Powell press conference (1430ET)
  • Data: Weekly jobless claims (0830ET), Productivity/ULCs Q3 prelim (0830ET), Wholesale sales/inventories Sep/Sep F (1000ET), Consumer credit Sep (1500ET)
  • Bill issuance: US Tsy $95B 4W, $90B 8W Bill auctions (1130ET)