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US TSYS: Tsys Futures Erase Earlier Gains, PMIs & More Fed Speak Later Today

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures have reversed earlier gains and now trade near session lows although still well off the lows made overnight, as headlines out of the middle east have seem to slow while the USD saw buying following dovish comments from the BoJ.
  • US Dockworkers strike set to go ahead after no deal announced, equities ticked slightly lower on these headlines but so far moves have been limited.
  • TU is trading +00⅞ at 104-04¾, vs lows of 104-04⅜, while TY is now unchanged for the Asian session at 114-13, vs lows of 114-12
  • The Fed's Powell reaffirmed that interest rates will be lowered "over time" as inflation continues to move toward the 2% target, while emphasizing that future rate decisions will depend on incoming economic data and the pace of labor market cooling. Powell noted the Fed is not rushing rate cuts, leaving the door open for gradual easing depending on economic conditions.
  • Cash tsys curves have reversed their earlier flattening move and are twist steepening with the front-end outperforming, yields are +0.5bps to -1bps with the 2yr -0.6bps at 3.635%, while 10yr is +0.2bp at 3.783%.
  • Later today we have flash PMI, JOLTS and ISMs and more Fed speak from Bostic, Barkin and Cook.
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  • Tsys futures have reversed earlier gains and now trade near session lows although still well off the lows made overnight, as headlines out of the middle east have seem to slow while the USD saw buying following dovish comments from the BoJ.
  • US Dockworkers strike set to go ahead after no deal announced, equities ticked slightly lower on these headlines but so far moves have been limited.
  • TU is trading +00⅞ at 104-04¾, vs lows of 104-04⅜, while TY is now unchanged for the Asian session at 114-13, vs lows of 114-12
  • The Fed's Powell reaffirmed that interest rates will be lowered "over time" as inflation continues to move toward the 2% target, while emphasizing that future rate decisions will depend on incoming economic data and the pace of labor market cooling. Powell noted the Fed is not rushing rate cuts, leaving the door open for gradual easing depending on economic conditions.
  • Cash tsys curves have reversed their earlier flattening move and are twist steepening with the front-end outperforming, yields are +0.5bps to -1bps with the 2yr -0.6bps at 3.635%, while 10yr is +0.2bp at 3.783%.
  • Later today we have flash PMI, JOLTS and ISMs and more Fed speak from Bostic, Barkin and Cook.