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US TSYS: Off Highs With US Filtering In, CPI In Focus

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have pulled back from highs with US desks filtering in. Earlier gains faded a rally in oil and industrial metals after yesterday’s heavy declines and some saw the price action as a sign of the presidential debate favoring VP and Democratic nominee Harris over former President Trump.
  • Cash yields sit 1-2.5bp lower, with declines led by the long end.
  • 2Y yields have shifted higher after lows since Sep 2022 with 3.546% (currently 3.581%). 2s10s sits at 4.2bps (-1bps on the day).
  • TYZ4 sits at 115-18+ (+04) off a latest high of 115-23+ on elevated volumes of 450k.
  • The trend needle continues to point north. It has climbed through the bull trigger at 115-19 (Aug 5 high) to open 115-31 (Fibo projection of Aug 8-21-Sep 3 swings).
  • Data: Weekly MBA mortgage data (0700ET), CPI Aug (0830ET), Real average earnings Aug (0830ET)
  • Note/bond issuance: US Tsy $39B 10Y Note re-open auction - 91282CLF6 (1300ET)
  • Bill issuance: US Tsy $60B 17W bill auction (1130ET)
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  • Treasuries have pulled back from highs with US desks filtering in. Earlier gains faded a rally in oil and industrial metals after yesterday’s heavy declines and some saw the price action as a sign of the presidential debate favoring VP and Democratic nominee Harris over former President Trump.
  • Cash yields sit 1-2.5bp lower, with declines led by the long end.
  • 2Y yields have shifted higher after lows since Sep 2022 with 3.546% (currently 3.581%). 2s10s sits at 4.2bps (-1bps on the day).
  • TYZ4 sits at 115-18+ (+04) off a latest high of 115-23+ on elevated volumes of 450k.
  • The trend needle continues to point north. It has climbed through the bull trigger at 115-19 (Aug 5 high) to open 115-31 (Fibo projection of Aug 8-21-Sep 3 swings).
  • Data: Weekly MBA mortgage data (0700ET), CPI Aug (0830ET), Real average earnings Aug (0830ET)
  • Note/bond issuance: US Tsy $39B 10Y Note re-open auction - 91282CLF6 (1300ET)
  • Bill issuance: US Tsy $60B 17W bill auction (1130ET)