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US TSYS: Tsys Futures Edges Lower, Curve Steepens, RBA Holds

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures are slightly lower today, with the long-end underperforming. Focus in the region today has been on the PBoC market stabilization measures which saw China & Hong Kong Equities rally, while China bond yields continued to tighten with the 10yr hitting 2% for the first time on record, while the RBA as expected kept rates on hold.
  • TU is trading -00⅞ at 104-10¼, while TY is -04 at 114-20+.
  • JPM CEO Jamie Dimon stated in an interview with the Times of India that there is a possibility interest rates could remain elevated for a prolonged period. He sees less than a 70-80% chance of a soft economic landing, highlighting concerns about global geopolitical tensions and excessive fiscal spending.
  • Cash tsys curves bear-steepened, yields are -0.5bps to +1.5bps. The 2yr closed -0.4bps at 3.582%, while the 10yr closed +0.8bps at 3.756%. The 2s10s is +0.989 at 16.989.
  • Projected rate cuts into early 2025 rebound, latest vs. this Monday levels (*) as follows: Nov'24 cumulative -38.5bp (-36.5bp), Dec'24 -75.9bp (-72.8bp), Jan'25 -110.0bp (-107.0bp).
  • Focus turns to House Price index data including Consumer Confidence and regional Fed mfg data. US Tsy to auction $69B 2Y notes as well as $60B 42D CMB bills.
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  • Tsys futures are slightly lower today, with the long-end underperforming. Focus in the region today has been on the PBoC market stabilization measures which saw China & Hong Kong Equities rally, while China bond yields continued to tighten with the 10yr hitting 2% for the first time on record, while the RBA as expected kept rates on hold.
  • TU is trading -00⅞ at 104-10¼, while TY is -04 at 114-20+.
  • JPM CEO Jamie Dimon stated in an interview with the Times of India that there is a possibility interest rates could remain elevated for a prolonged period. He sees less than a 70-80% chance of a soft economic landing, highlighting concerns about global geopolitical tensions and excessive fiscal spending.
  • Cash tsys curves bear-steepened, yields are -0.5bps to +1.5bps. The 2yr closed -0.4bps at 3.582%, while the 10yr closed +0.8bps at 3.756%. The 2s10s is +0.989 at 16.989.
  • Projected rate cuts into early 2025 rebound, latest vs. this Monday levels (*) as follows: Nov'24 cumulative -38.5bp (-36.5bp), Dec'24 -75.9bp (-72.8bp), Jan'25 -110.0bp (-107.0bp).
  • Focus turns to House Price index data including Consumer Confidence and regional Fed mfg data. US Tsy to auction $69B 2Y notes as well as $60B 42D CMB bills.