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US TSYS: Tsys Futures Edge Lower Ahead Of a Busy Data Session Thursday

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys Futures were weaker overnight, closing towards session lows on a relatively muted session, with focus largely on tsys supply with a $70b 5yr note auction, while it was a somewhat busy session for corporate supply with Orcale leading a 4 tranche deal. Some accounts appear to be plying the sidelines to await tomorrow's flood of data and Fed speakers not to mention next week's September employment data.
  • TU closed -0-02⅛ at 104-10⅝, while TY closed -0-09+ at 114-17+
  • Little reaction to this morning's new home sales - slightly better than expected in August at 716k (saar, cons 700k) after an upward revised 751k (initial 739k) in July.
  • Gov Kugler, a dovish FOMC member, supported the recent 50bp rate cut, citing a cooling but resilient labor market and ongoing inflation progress. She anticipates further rate cuts if disinflation continues, aiming to balance economic growth and inflation control.
  • Cash tsys curves closed slightly steeper, with yields 6-6bps higher across the curve. the 2yr yield closed +5.1bps at 3.559%, while the 10yr closed +5.7bps at 3.785%, the 2s10s closed +3.958 at 22.364
  • Projected rate cuts into early 2025 held steady to mixed, latest vs. morning levels (*) as follows: Nov'24 cumulative -40.4bp (-39.1bp), Dec'24 -78.0bp (-79.1bp), Jan'25 -111.0bp (-112.5bp).​
  • Looking ahead to Thursday's session: weekly claims, GDP, PCE, Cap Goods, Durables, Pending home sales and a flurry of Fed speakers including Barr, Cook, Kashkari, Williams and Chairman Powell.
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  • Tsys Futures were weaker overnight, closing towards session lows on a relatively muted session, with focus largely on tsys supply with a $70b 5yr note auction, while it was a somewhat busy session for corporate supply with Orcale leading a 4 tranche deal. Some accounts appear to be plying the sidelines to await tomorrow's flood of data and Fed speakers not to mention next week's September employment data.
  • TU closed -0-02⅛ at 104-10⅝, while TY closed -0-09+ at 114-17+
  • Little reaction to this morning's new home sales - slightly better than expected in August at 716k (saar, cons 700k) after an upward revised 751k (initial 739k) in July.
  • Gov Kugler, a dovish FOMC member, supported the recent 50bp rate cut, citing a cooling but resilient labor market and ongoing inflation progress. She anticipates further rate cuts if disinflation continues, aiming to balance economic growth and inflation control.
  • Cash tsys curves closed slightly steeper, with yields 6-6bps higher across the curve. the 2yr yield closed +5.1bps at 3.559%, while the 10yr closed +5.7bps at 3.785%, the 2s10s closed +3.958 at 22.364
  • Projected rate cuts into early 2025 held steady to mixed, latest vs. morning levels (*) as follows: Nov'24 cumulative -40.4bp (-39.1bp), Dec'24 -78.0bp (-79.1bp), Jan'25 -111.0bp (-112.5bp).​
  • Looking ahead to Thursday's session: weekly claims, GDP, PCE, Cap Goods, Durables, Pending home sales and a flurry of Fed speakers including Barr, Cook, Kashkari, Williams and Chairman Powell.