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US TSYS: Tsys Futures Edge Lower, Curve Flattens

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures are weaker this morning, front-end is underperforming as follow through moves occur post stronger-than-expected US CPI overnight, fed funds futures are now pricing in just 29bps of cuts at the meeting next month from a high of 35bps of cuts prior to CPI overnight.
  • Tsys flows: TU/UXY Block Flattener DV01 350k, UXY Block Likely Buyer DV01 450k
  • TUZ4 is -01⅜ at 107-08⅞, while TYZ4 trades - 03 at 115-07+ since Asia open.
  • Cash tsys curve continues the bear-flattening moves from overnight, with the 2yr +1.4bps at 3.656%, while the 10yr is +0.9bps at 3.668%.
  • Following decent demand in the 10yr auction overnight, there is a $22b 30yr bond auction today.
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  • Tsys futures are weaker this morning, front-end is underperforming as follow through moves occur post stronger-than-expected US CPI overnight, fed funds futures are now pricing in just 29bps of cuts at the meeting next month from a high of 35bps of cuts prior to CPI overnight.
  • Tsys flows: TU/UXY Block Flattener DV01 350k, UXY Block Likely Buyer DV01 450k
  • TUZ4 is -01⅜ at 107-08⅞, while TYZ4 trades - 03 at 115-07+ since Asia open.
  • Cash tsys curve continues the bear-flattening moves from overnight, with the 2yr +1.4bps at 3.656%, while the 10yr is +0.9bps at 3.668%.
  • Following decent demand in the 10yr auction overnight, there is a $22b 30yr bond auction today.