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US TSYS: Tsys Futures Edge Higher, Curve Flattens, Fed Speak Later

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures are off earlier highs, the long-end is outperforming as the curve twist-flattening throughout the session. TU is trading +02 at 103-13+, while TY is +06+ at 112-02.
  • It's been a rather slow session, US equity futures are slightly higher, there was a brief dip following news the US may look to limit Chip sales to certain regions, while focus will turn to corporate earnings which are about to kick off over the next few days, while eyes will also be on China where investors are eagerly waiting for further news on more stimulus. Oil continues to tick lower after Netanyahu told US officials that Israel will strike Iranian military targets and not nuclear or oil locations.
  • Earlier there was a seller of SFRZ4 95.500/95.375/95.250 put ladder, trading at 1.75 in x4140
  • Cash tsys curve is flatter, yields are +1bp to -2.5bps. The 2yr is +0.7bps at 3.962%, while the 10yr is -1bps at 4.090%
  • Fed funds are pricing 21.7bps or an 86% chance of a 25bps cut in November, and 44.3bps of cuts through to years end down slightly from 46.3bps of cuts late last week. Further out to October next year, the market sees 142bps of total cuts.
  • There will be more fed speakers later today with SF's Daly, Gov Kugler, and Atlanta's Bostic.
  • It will be another slow data session with just Oct Empire Manufacturing and NY Fed inflation expectations.
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  • Tsys futures are off earlier highs, the long-end is outperforming as the curve twist-flattening throughout the session. TU is trading +02 at 103-13+, while TY is +06+ at 112-02.
  • It's been a rather slow session, US equity futures are slightly higher, there was a brief dip following news the US may look to limit Chip sales to certain regions, while focus will turn to corporate earnings which are about to kick off over the next few days, while eyes will also be on China where investors are eagerly waiting for further news on more stimulus. Oil continues to tick lower after Netanyahu told US officials that Israel will strike Iranian military targets and not nuclear or oil locations.
  • Earlier there was a seller of SFRZ4 95.500/95.375/95.250 put ladder, trading at 1.75 in x4140
  • Cash tsys curve is flatter, yields are +1bp to -2.5bps. The 2yr is +0.7bps at 3.962%, while the 10yr is -1bps at 4.090%
  • Fed funds are pricing 21.7bps or an 86% chance of a 25bps cut in November, and 44.3bps of cuts through to years end down slightly from 46.3bps of cuts late last week. Further out to October next year, the market sees 142bps of total cuts.
  • There will be more fed speakers later today with SF's Daly, Gov Kugler, and Atlanta's Bostic.
  • It will be another slow data session with just Oct Empire Manufacturing and NY Fed inflation expectations.