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US TSYS: Tsys Futures Edge Higher, Curve Bull-Steepens, BoJ Holds

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures have edged slightly higher today with the short-end outperforming, continuing moves made overnight, although ranges have been reasonably tight while volumes are below averages. TU is trading just above Thursday's highs at 104-11+, while TY is +05 at 114-29.
  • Focus in the region has been on the BoJ, as expected they kept rates on hold at 0.25%, there was very little reaction to the announcement. Attention has turned to the press conference which is expected shortly.
  • Cash tsys curve has bull-steepened, yields are trading flat to 2bps lower. The 2yr continues to outperform trading -1.8bps at 3.564%, while the 10yr is -0.2bps at 3.711%. The 2s10s is testing overnight & cycle highs up 1.694 at 14.456.
  • Projected rates from an assumed 4.83% effective, latest vs. this morning's pre-data () as follows: Nov'24 cumulative -35.9bp (-33.3bp), Dec'24 -72.4bp (-70.8bp), Jan'25 -106.5bp (-1.050bp).
  • Looking ahead: no US data Friday but the return of Fed speakers. Data to resume Monday with flash PMIs.
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  • Tsys futures have edged slightly higher today with the short-end outperforming, continuing moves made overnight, although ranges have been reasonably tight while volumes are below averages. TU is trading just above Thursday's highs at 104-11+, while TY is +05 at 114-29.
  • Focus in the region has been on the BoJ, as expected they kept rates on hold at 0.25%, there was very little reaction to the announcement. Attention has turned to the press conference which is expected shortly.
  • Cash tsys curve has bull-steepened, yields are trading flat to 2bps lower. The 2yr continues to outperform trading -1.8bps at 3.564%, while the 10yr is -0.2bps at 3.711%. The 2s10s is testing overnight & cycle highs up 1.694 at 14.456.
  • Projected rates from an assumed 4.83% effective, latest vs. this morning's pre-data () as follows: Nov'24 cumulative -35.9bp (-33.3bp), Dec'24 -72.4bp (-70.8bp), Jan'25 -106.5bp (-1.050bp).
  • Looking ahead: no US data Friday but the return of Fed speakers. Data to resume Monday with flash PMIs.