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US TSYS: Testing Post-JOLTS Data Highs Around the Close

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have drifted back to near post-JOLTS data related highs in late trade, initial impetus for second half rebound was the strong 7Y note auction that stopped 2bp through with 4.215% high yield vs. WI of 4.235%.
  • The Dec'24 10Y contract is trading at 110-22 (-.5) vs. this morning's 110-09.5 low, 10Y yield tapped 4.3365% high. Curves remain mildly steeper (2s10s +1.514 at 15.312, 5s30s +.036 at 41.045) with short end outperforming, 5s to 10s +/-.5 around steady at the moment. 
  • Futures had gapped higher following this morning's surprisingly low JOLTS job openings with possible hurricane impact, whilst quit rates on balance point to a still low level having declined after a reasonable upward revision. Additionally, job openings surprised lower with 7443k (cons 8000k) in September after a downward revised 7861k (initial 8040k) in Aug.
  • Meanwhile, within the surprisingly strong Conference Board consumer survey for October (confidence at 108.7 vs cons 99.5 after 99.2), the labor differential improved for the first time in eight months.
  • Cross asset look: Gold climbs to new all-time high 2773.12, crude mildly weaker following yesterday's fall (WTI -.17 at 67.21) while the DJIA lags gains in S&P Eminis and Nasdaq.
  • Focus turns to Wednesday's ADP employment data, GDP and Pending Home Sales, not to mention Friday's headline NFP for October.
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  • Treasuries have drifted back to near post-JOLTS data related highs in late trade, initial impetus for second half rebound was the strong 7Y note auction that stopped 2bp through with 4.215% high yield vs. WI of 4.235%.
  • The Dec'24 10Y contract is trading at 110-22 (-.5) vs. this morning's 110-09.5 low, 10Y yield tapped 4.3365% high. Curves remain mildly steeper (2s10s +1.514 at 15.312, 5s30s +.036 at 41.045) with short end outperforming, 5s to 10s +/-.5 around steady at the moment. 
  • Futures had gapped higher following this morning's surprisingly low JOLTS job openings with possible hurricane impact, whilst quit rates on balance point to a still low level having declined after a reasonable upward revision. Additionally, job openings surprised lower with 7443k (cons 8000k) in September after a downward revised 7861k (initial 8040k) in Aug.
  • Meanwhile, within the surprisingly strong Conference Board consumer survey for October (confidence at 108.7 vs cons 99.5 after 99.2), the labor differential improved for the first time in eight months.
  • Cross asset look: Gold climbs to new all-time high 2773.12, crude mildly weaker following yesterday's fall (WTI -.17 at 67.21) while the DJIA lags gains in S&P Eminis and Nasdaq.
  • Focus turns to Wednesday's ADP employment data, GDP and Pending Home Sales, not to mention Friday's headline NFP for October.