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US TSYS: Treasuries Mixed, Curve Flattens, Cash Trading Closed

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries ended Friday mixed, with the curve seeing a significant flattening, particularly in the 2s10s and 5s30s spreads. The movement follows the Fed's 25bp rate cut and is influenced by speculation that rate cuts may pause in the coming months. Front-end weakness reflects traders unwinding steepeners and shorts, while the 10-year yield closed around 4.30%, near the lower end of its weekly range.
  • Tsys futures closed mixed, with TU underperforming, closing the session down -01⅞ at 102-24⅝, just off cycle lows made on Nov 6th of 102-21⅜, while TY closed +03 at 110-09.
  • Cash tsys yields closed -6bps to 5.5bps higher. The 2yr yield closed +5.5bps at 4.254%, 10yr closed -2.2bps at 4.304%. The 2s10s has continued to flatten, closing -7.6bps at 4.826 to trade the flattest since Oct 10th.
  • The front-end remained under pressure heading into the close with some Block selling in the 2yr futures, the move was also supported by earlier large block flattener trades, one notable 2s10s flattening trade for DV01 $710k.
  • U.Mich consumer sentiment improved by more than expected in the preliminary November report at 73.0 (cons 71.0) after 70.5, still highest since April.
  • No data Today with the observance of Veterans Day holiday. Cash FI markets closed but open on Globex, NYSE and Nasdaq open as well. Fed speakers resume Tuesday in addition to the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS).
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  • Treasuries ended Friday mixed, with the curve seeing a significant flattening, particularly in the 2s10s and 5s30s spreads. The movement follows the Fed's 25bp rate cut and is influenced by speculation that rate cuts may pause in the coming months. Front-end weakness reflects traders unwinding steepeners and shorts, while the 10-year yield closed around 4.30%, near the lower end of its weekly range.
  • Tsys futures closed mixed, with TU underperforming, closing the session down -01⅞ at 102-24⅝, just off cycle lows made on Nov 6th of 102-21⅜, while TY closed +03 at 110-09.
  • Cash tsys yields closed -6bps to 5.5bps higher. The 2yr yield closed +5.5bps at 4.254%, 10yr closed -2.2bps at 4.304%. The 2s10s has continued to flatten, closing -7.6bps at 4.826 to trade the flattest since Oct 10th.
  • The front-end remained under pressure heading into the close with some Block selling in the 2yr futures, the move was also supported by earlier large block flattener trades, one notable 2s10s flattening trade for DV01 $710k.
  • U.Mich consumer sentiment improved by more than expected in the preliminary November report at 73.0 (cons 71.0) after 70.5, still highest since April.
  • No data Today with the observance of Veterans Day holiday. Cash FI markets closed but open on Globex, NYSE and Nasdaq open as well. Fed speakers resume Tuesday in addition to the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS).