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US TSYS: Near Mid-Range Ahead Thu's Heavy Speaker, Data Docket

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries look to finish weaker - near late session lows​ Wednesday,  but closer to the middle of the week's range on a relatively muted session. Some accounts appear to be plying the sidelines to await tomorrow's flood of data and Fed speakers not to mention next week's September employment data.
  • Little reaction to this morning's new home sales - slightly better than expected in August at 716k (saar, cons 700k) after an upward revised 751k (initial 739k) in July.
  • Dec'24 10Y Tsy futures are currently -10 at 114-17 vs. 114-16.5 low -- still well off initial technical support at 114-09.5 (Sep 24 low​).
  • Curves continued to steepen to new 2+Y highs, the 2s10s curve marking 23.585 high.
  • Projected rate cuts into early 2025 held steady to mixed, latest vs. morning levels (*) as follows: Nov'24 cumulative -40.4bp (-39.1bp), Dec'24 -78.0bp (-79.1bp), Jan'25 -111.0bp (-112.5bp).​
  • Looking ahead to Thursday's session: weekly claims, GDP, PCE, Cap Goods, Durables, Pending home sales and a flurry of Fed speakers including Barr, Cook, Kashkari, Williams and Chairman Powell.
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  • Treasuries look to finish weaker - near late session lows​ Wednesday,  but closer to the middle of the week's range on a relatively muted session. Some accounts appear to be plying the sidelines to await tomorrow's flood of data and Fed speakers not to mention next week's September employment data.
  • Little reaction to this morning's new home sales - slightly better than expected in August at 716k (saar, cons 700k) after an upward revised 751k (initial 739k) in July.
  • Dec'24 10Y Tsy futures are currently -10 at 114-17 vs. 114-16.5 low -- still well off initial technical support at 114-09.5 (Sep 24 low​).
  • Curves continued to steepen to new 2+Y highs, the 2s10s curve marking 23.585 high.
  • Projected rate cuts into early 2025 held steady to mixed, latest vs. morning levels (*) as follows: Nov'24 cumulative -40.4bp (-39.1bp), Dec'24 -78.0bp (-79.1bp), Jan'25 -111.0bp (-112.5bp).​
  • Looking ahead to Thursday's session: weekly claims, GDP, PCE, Cap Goods, Durables, Pending home sales and a flurry of Fed speakers including Barr, Cook, Kashkari, Williams and Chairman Powell.