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US TSYS: Late Session Sell Pressure

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries and SOFR futures come under renewed selling in the last few minutes, still well off midmorning lows, however. Dec'24 10Y futures trade 114-14 last (-8) vs 114-07 low -- which happens to be the initial technical support (Sep 26 low) followed by 114-00.5 (Sep 4 low).
  • Curves remain steeper (2s10s +2.063 at 14.375) but scaling back support amid some chunky selling in SOFR 1- and 3M futures: appr -15,000 SERX4 at 95.41, and 23,000 SFRZ4 at 95.975.
  • SOFR White pack (SFRZ4-SFRU5) currently -0.010-0.025, while projected rate cuts continue to back off this morning's levels (*): Nov'24 cumulative -33.8bp (-34.4bp), Dec'24 -69.9bp (-70.5bp), Jan'25 -100.4bp (-101.9bp).
  • Focus turns to Weekly Claims, Factory/Durable Goods Orders and ISM Services on Thursday, followed by Friday's headline Non-Farm Payrolls for September.
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  • Treasuries and SOFR futures come under renewed selling in the last few minutes, still well off midmorning lows, however. Dec'24 10Y futures trade 114-14 last (-8) vs 114-07 low -- which happens to be the initial technical support (Sep 26 low) followed by 114-00.5 (Sep 4 low).
  • Curves remain steeper (2s10s +2.063 at 14.375) but scaling back support amid some chunky selling in SOFR 1- and 3M futures: appr -15,000 SERX4 at 95.41, and 23,000 SFRZ4 at 95.975.
  • SOFR White pack (SFRZ4-SFRU5) currently -0.010-0.025, while projected rate cuts continue to back off this morning's levels (*): Nov'24 cumulative -33.8bp (-34.4bp), Dec'24 -69.9bp (-70.5bp), Jan'25 -100.4bp (-101.9bp).
  • Focus turns to Weekly Claims, Factory/Durable Goods Orders and ISM Services on Thursday, followed by Friday's headline Non-Farm Payrolls for September.