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US TSYS: Swift Reversal Of Steady Push Lower With US Filtering In

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries have seen a swift lift off lows that had been seen in steady trade as US desks filtered in, with no obvious headlines behind the push lower or the subsequent reversal.
  • They have remained easily higher on the day throughout, having opened stronger in reaction to President-elect Trump picking Scott Bessent as Treasury Secretary.
  • Cash yields are 2.5-5.8bps lower, with 30s leading declines.
  • 10Y yields at 4.347% are more than 15bp below recent highs of 4.501% seen in mid-Nov.
  • 2s10s sits marginally above zero having dipped negative for the first time since Oct 7 with an earlier low of -1.0bps.
  • TYZ4 has seen a low of 109-27 (+ 6+ ticks from Fri) although is back at 109-31. The earlier high of 110-05 probed resistance at 110-04+ (20-day EMA). Firmer clearance would open 111-09 (50-day EMA) but the bear cycle is seen remaining in play from a technical backdrop with support at 108-30 (1.236 proj of Oct 1-10-16 swing).
  • A light docket today sees focus on 2Y supply before a heavier two sessions Tue-Wed in the holiday-shortened week.
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  • Treasuries have seen a swift lift off lows that had been seen in steady trade as US desks filtered in, with no obvious headlines behind the push lower or the subsequent reversal.
  • They have remained easily higher on the day throughout, having opened stronger in reaction to President-elect Trump picking Scott Bessent as Treasury Secretary.
  • Cash yields are 2.5-5.8bps lower, with 30s leading declines.
  • 10Y yields at 4.347% are more than 15bp below recent highs of 4.501% seen in mid-Nov.
  • 2s10s sits marginally above zero having dipped negative for the first time since Oct 7 with an earlier low of -1.0bps.
  • TYZ4 has seen a low of 109-27 (+ 6+ ticks from Fri) although is back at 109-31. The earlier high of 110-05 probed resistance at 110-04+ (20-day EMA). Firmer clearance would open 111-09 (50-day EMA) but the bear cycle is seen remaining in play from a technical backdrop with support at 108-30 (1.236 proj of Oct 1-10-16 swing).
  • A light docket today sees focus on 2Y supply before a heavier two sessions Tue-Wed in the holiday-shortened week.