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US TSYS: Tsys Futures Edge Slightly Higher On Low Volumes

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • It has been a very uneventful session for us tsys, with futures edging slightly higher throughout the session, volumes are well below recent averages and we trade well within Thursday's ranges. TU is + 00⅛ at 103-06+ while TY +02 at 111-11.
  • Across the APAC markets today, China & HK equities jumped on hopes of further stimulus updates, with tech and small-cap stocks leading the way. In Japan markets are trading lower ahead of this weekend's general election.
  • The cash tsys curve has bull-flattened today with yields are trading 1.5-3bps lower. The 2yr is -1.9bps at 4.059%, while the 10yr is -2.6bps at 4.186%.
  • Tsys are on track for two session of gains, the 10yr yield is 6.5bps lower than highs made on Wednesday, although still trades 10.5bps higher for the week. The 2s10s is trading flat for the week at 12.5bps, while the 5s30s curves has flattened about 8bps to 43.5bps.
  • Flows in SOFR options were relatively light on Thursday, but the trend of downside protection continued as traders positioned for fewer rate cuts than currently priced into the front-end of the curve.
  • Currently, the swaps market is pricing around 43bps of rate cuts across the two remaining Fed meetings this year, with a total of 138bps priced in by the end of 2025
  • Later today we have Durables/Capital Goods and University of Michigan's sentiment/inflation outlook.
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  • It has been a very uneventful session for us tsys, with futures edging slightly higher throughout the session, volumes are well below recent averages and we trade well within Thursday's ranges. TU is + 00⅛ at 103-06+ while TY +02 at 111-11.
  • Across the APAC markets today, China & HK equities jumped on hopes of further stimulus updates, with tech and small-cap stocks leading the way. In Japan markets are trading lower ahead of this weekend's general election.
  • The cash tsys curve has bull-flattened today with yields are trading 1.5-3bps lower. The 2yr is -1.9bps at 4.059%, while the 10yr is -2.6bps at 4.186%.
  • Tsys are on track for two session of gains, the 10yr yield is 6.5bps lower than highs made on Wednesday, although still trades 10.5bps higher for the week. The 2s10s is trading flat for the week at 12.5bps, while the 5s30s curves has flattened about 8bps to 43.5bps.
  • Flows in SOFR options were relatively light on Thursday, but the trend of downside protection continued as traders positioned for fewer rate cuts than currently priced into the front-end of the curve.
  • Currently, the swaps market is pricing around 43bps of rate cuts across the two remaining Fed meetings this year, with a total of 138bps priced in by the end of 2025
  • Later today we have Durables/Capital Goods and University of Michigan's sentiment/inflation outlook.