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US TSYS: Politics In Spotlight With A Quieter Docket Ahead

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries trade bear steeper from Friday’s close as US desks filter in, with the front end little changed on balance but the longer end selling off in London hours.
  • Politics remains in the spotlight, with President-elect Trump reportedly eyeing a new candidate for Treasury Secretary amid internal debate, whilst separately, President Biden has approved Ukraine’s use of long-range missiles inside Russia.
  • Cash yields are 0-3.5bp higher, with 2s10s at 16bps (+2bp) but still within recent ranges. Most benchmark yields are firmly within Friday's range although 30s have probed higher at 4.655%, albeit still below last week's high of 4.6644% (with FOMC officials increasingly sensitive to long-term yield increases).
  • TYZ4 trades on and off session lows of 109-09+ (-07+) on modestly below recent average volumes of 300k. It has remained within yesterday’s range throughout.
  • Resistance is seen at 109-30+ (Nov 13 high) but a bearish trend is seen in place with support at 108-18+ (Fibo projection of Oct 1-10-16 price swing) after which lies 108-03 (Fibo projection of the same moves).  
  • Data: NY Fed services Nov (0830ET), NAHB housing index Nov (1000ET), TIC flows Sep (1600ET)
  • Fedspeak: Goolsbee welcome remarks (1000ET)
  • Bill auction: US Tsy $81B 13W, $72B 26W (1130ET)
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  • Treasuries trade bear steeper from Friday’s close as US desks filter in, with the front end little changed on balance but the longer end selling off in London hours.
  • Politics remains in the spotlight, with President-elect Trump reportedly eyeing a new candidate for Treasury Secretary amid internal debate, whilst separately, President Biden has approved Ukraine’s use of long-range missiles inside Russia.
  • Cash yields are 0-3.5bp higher, with 2s10s at 16bps (+2bp) but still within recent ranges. Most benchmark yields are firmly within Friday's range although 30s have probed higher at 4.655%, albeit still below last week's high of 4.6644% (with FOMC officials increasingly sensitive to long-term yield increases).
  • TYZ4 trades on and off session lows of 109-09+ (-07+) on modestly below recent average volumes of 300k. It has remained within yesterday’s range throughout.
  • Resistance is seen at 109-30+ (Nov 13 high) but a bearish trend is seen in place with support at 108-18+ (Fibo projection of Oct 1-10-16 price swing) after which lies 108-03 (Fibo projection of the same moves).  
  • Data: NY Fed services Nov (0830ET), NAHB housing index Nov (1000ET), TIC flows Sep (1600ET)
  • Fedspeak: Goolsbee welcome remarks (1000ET)
  • Bill auction: US Tsy $81B 13W, $72B 26W (1130ET)