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US TSYS: Tsys Futures Edge Slightly Higher Ahead Of PMI

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Slow session in tsys futures today, they are trading slightly higher but within Thursday's ranges, trading has been largely focused on rolls. TU is +00¾ at 102-18+, while TY is trading +03+ at 109-19+, both trading just off session highs.
  • Cash tsys curve has steepened slightly throughout the session, with yields trading 0.5 to 1.5bps lower. The 2yr is -1.4bps at 4.335%, while the 10yr is -1.2bps at 4.41%. Yields have been rangebound recently with the 10yr note stabilizing near 4.41%, aligned with its 9-day moving average. The lack of key economic data and ongoing political uncertainties are keeping yields steady.
  • Projected rate cuts have firmed slightly acorss the next two meetings vs Thursday morning levels (*): Dec'24 cumulative -14.9bp (-13.1bp), Jan'25 -20.3bp (-19.5bp), Mar'25 -33.6bp (-33.8bp), May'25 -40.1bp (-41.4bp).
  • Later today we have preliminary PMIs for November, with the final November UMichigan survey also of note, while the only Fed speaker scheduled is Gov Bowman after hours, but we've already heard from her this week.

 

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  • Slow session in tsys futures today, they are trading slightly higher but within Thursday's ranges, trading has been largely focused on rolls. TU is +00¾ at 102-18+, while TY is trading +03+ at 109-19+, both trading just off session highs.
  • Cash tsys curve has steepened slightly throughout the session, with yields trading 0.5 to 1.5bps lower. The 2yr is -1.4bps at 4.335%, while the 10yr is -1.2bps at 4.41%. Yields have been rangebound recently with the 10yr note stabilizing near 4.41%, aligned with its 9-day moving average. The lack of key economic data and ongoing political uncertainties are keeping yields steady.
  • Projected rate cuts have firmed slightly acorss the next two meetings vs Thursday morning levels (*): Dec'24 cumulative -14.9bp (-13.1bp), Jan'25 -20.3bp (-19.5bp), Mar'25 -33.6bp (-33.8bp), May'25 -40.1bp (-41.4bp).
  • Later today we have preliminary PMIs for November, with the final November UMichigan survey also of note, while the only Fed speaker scheduled is Gov Bowman after hours, but we've already heard from her this week.