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US TSYS: Low Volumes With Markets On Headline Watch

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have pulled back from highs seen in the shortened session after a Japan holiday but remain firmer on the day, bull steepening as odds of a 50bp cut from the Fed on Wednesday has pushed higher.
  • Cash yields are 0.5-2bps lower on the day, with declines unsurprisingly led by 2s against this backdrop.  
  • 2s10s sits at 8.6bps (+1.3bps) having earlier broadly matched Friday’s fresh ytd high of 9.6bps for the steepest since mid-2022.
  • TYZ4 is back unchanged 115-13+ but has remained within Friday’s range throughout, holding below a high of 115-18+ on particularly low volumes of 220k ahead of a quiet docket and markets instead on headline watch.
  • Resistance is seen at 115-23+ (Sep 11 high) with the trend needle continuing to point north.
  • Data: Empire mfg survey Sep (0830ET)
  • Bill issuance: US Tsy $76B 13W & $70B 26W bill auctions (1130ET)
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  • Treasuries have pulled back from highs seen in the shortened session after a Japan holiday but remain firmer on the day, bull steepening as odds of a 50bp cut from the Fed on Wednesday has pushed higher.
  • Cash yields are 0.5-2bps lower on the day, with declines unsurprisingly led by 2s against this backdrop.  
  • 2s10s sits at 8.6bps (+1.3bps) having earlier broadly matched Friday’s fresh ytd high of 9.6bps for the steepest since mid-2022.
  • TYZ4 is back unchanged 115-13+ but has remained within Friday’s range throughout, holding below a high of 115-18+ on particularly low volumes of 220k ahead of a quiet docket and markets instead on headline watch.
  • Resistance is seen at 115-23+ (Sep 11 high) with the trend needle continuing to point north.
  • Data: Empire mfg survey Sep (0830ET)
  • Bill issuance: US Tsy $76B 13W & $70B 26W bill auctions (1130ET)