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US TSYS: Kamala Concedes, Focus Turns To Thursday's FOMC

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries look to finish broadly weaker but off lows in heavy post-election trade (TYZ4>3.8M). Vice President Harris reportedly called Trump to concede and is expected to address the nation later this evening.
  • The Dec'24 10Y contract tapped 109-07 low (10Y yld 4.4768% high) before see-sawing to session high of 109-23.5 high briefly after a strong $25B 30Y Bond auction stopped 2.2bp through (4.608% high yield vs. 4.630% WI; 2.64x bid-to-cover vs. 2.50x in the prior month).
  • Spot gold has fallen by 2.8% to $2,666/oz today, reflecting the impact of higher US yields and associated greenback strength, as well as heavy positioning, following the outcome of the US election.
  • Some late session volatility amid headlines that German Chancellor Scholz has asked the president to dismiss the Christian Ludner, the current finance minister.
  • Focus turns to Thursday's FOMC policy announcement. While chances of a a 25bp cut hold steady, projected rate cuts into early 2025 have cooled vs. late Tuesday levels (*): Nov'24 cumulative steady at -24.6bp, Dec'24 -42.7bp (-44.2bp), Jan'25 -52.7bp (-57.7bp), Mar'25 -68.4bp (-74.6bp).
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  • Treasuries look to finish broadly weaker but off lows in heavy post-election trade (TYZ4>3.8M). Vice President Harris reportedly called Trump to concede and is expected to address the nation later this evening.
  • The Dec'24 10Y contract tapped 109-07 low (10Y yld 4.4768% high) before see-sawing to session high of 109-23.5 high briefly after a strong $25B 30Y Bond auction stopped 2.2bp through (4.608% high yield vs. 4.630% WI; 2.64x bid-to-cover vs. 2.50x in the prior month).
  • Spot gold has fallen by 2.8% to $2,666/oz today, reflecting the impact of higher US yields and associated greenback strength, as well as heavy positioning, following the outcome of the US election.
  • Some late session volatility amid headlines that German Chancellor Scholz has asked the president to dismiss the Christian Ludner, the current finance minister.
  • Focus turns to Thursday's FOMC policy announcement. While chances of a a 25bp cut hold steady, projected rate cuts into early 2025 have cooled vs. late Tuesday levels (*): Nov'24 cumulative steady at -24.6bp, Dec'24 -42.7bp (-44.2bp), Jan'25 -52.7bp (-57.7bp), Mar'25 -68.4bp (-74.6bp).