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US TSYS: Tsys Futures Edge Higher, 10yr Yield Nears 3.80%

US TSYS
  • Treasury futures have edged slightly higher today, although we remain within Tuesday's ranges. There was an earlier small jump after the VIX jumped and equities sold off. Japanese tech stocks were the worst performing, as the yen strengthened.
  • TUZ4 is +0-01⅞+ at 103-28⅞ while TYZ4 is +0-05 at 114-05.
  • Cash treasury curves have steepened today, although we remain in tight ranges with yields flat to 2bps lower. The 2yr is -0.8bps at 3.855%, while the 10yr is -0.6bps at 3.825%. The 2s10s is little changed today at -3.348.
  • Projected rate cut pricing through year end has firmed 1bps vs. early Tuesday levels: Sep'24 cumulative -35.2bp (-34.4bp), Nov'24 cumulative -69.1bp (-67.6bp), Dec'24 -103bp (-102.5bp)
  • The major focus this week is on Nonfarms on Friday, later today we will get Trade Balance, MBA Mortgage Applications & JOLTS job openings, while Bank Of Canada rate decision will also be watched.

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