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US TSYS: Tsys Curve Steepens, Daly See No Sign To Halt Cuts

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures are trading in tight ranges over the first half of the session, front-end yields are slightly outperforming with an earlier TU/UXY block steepener supporting the move.
  • Cash bonds are trading 0.5-1.6bps lower across the curve. The 2yr is -1.6bps at 4.015%, while the 10yr is -1bps at 4.186%. The 2s10s has continued the overnight move +0.707 at 16.884, the steepest since Sept 30th.
  • The Fed's Mary Daly stated that the Fed is likely to continue cutting interest rates to protect the labor market from further weakening, noting no signs to halt rate reductions. Last month, the Fed lowered rates by half a percentage point to 4.75%-5%, with Daly supporting the larger cut due to labor market concerns. There was little reaction from tsys following her comments.
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  • Tsys futures are trading in tight ranges over the first half of the session, front-end yields are slightly outperforming with an earlier TU/UXY block steepener supporting the move.
  • Cash bonds are trading 0.5-1.6bps lower across the curve. The 2yr is -1.6bps at 4.015%, while the 10yr is -1bps at 4.186%. The 2s10s has continued the overnight move +0.707 at 16.884, the steepest since Sept 30th.
  • The Fed's Mary Daly stated that the Fed is likely to continue cutting interest rates to protect the labor market from further weakening, noting no signs to halt rate reductions. Last month, the Fed lowered rates by half a percentage point to 4.75%-5%, with Daly supporting the larger cut due to labor market concerns. There was little reaction from tsys following her comments.