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US TSYS: Tsys Futures Edge Higher, 2s10s Steepener Block

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures have ticked higher over the past 30 minutes, the moves look linked to a 2s10s Block Steepener. TU is +03⅛ at 103-15⅝, while TY is trading +04+ at 112-20
  • The 2yr yield is -4.3bps at 3.952%, while the 10yr is -1.4bps at 4.012%
  • In August, Japanese investors made a record purchase of ¥5.59 trillion ($37.7 billion) in US sovereign bonds, as shown by the latest balance-of-payments data from Japan's Ministry of Finance.
  • The Fed's Musalem supported the Fed's decision last month to cut interest rates by 50bps but prefers future reductions to be gradual. He emphasized the need for caution, noting that easing too much too soon carries more risk than easing too little. Musalem expects inflation to converge to the Fed’s 2% target over the next few quarters and supports further gradual rate cuts.
  • Fed funds futures are steady this morning, with Nov futures pricing in 22bps of cuts, and 49.8bps of cuts now priced in by the December meeting.
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  • Tsys futures have ticked higher over the past 30 minutes, the moves look linked to a 2s10s Block Steepener. TU is +03⅛ at 103-15⅝, while TY is trading +04+ at 112-20
  • The 2yr yield is -4.3bps at 3.952%, while the 10yr is -1.4bps at 4.012%
  • In August, Japanese investors made a record purchase of ¥5.59 trillion ($37.7 billion) in US sovereign bonds, as shown by the latest balance-of-payments data from Japan's Ministry of Finance.
  • The Fed's Musalem supported the Fed's decision last month to cut interest rates by 50bps but prefers future reductions to be gradual. He emphasized the need for caution, noting that easing too much too soon carries more risk than easing too little. Musalem expects inflation to converge to the Fed’s 2% target over the next few quarters and supports further gradual rate cuts.
  • Fed funds futures are steady this morning, with Nov futures pricing in 22bps of cuts, and 49.8bps of cuts now priced in by the December meeting.