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US TSYS: Tsys Futures Steady Ahead Of Busy Data Session

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • There is very little happening in tsys today, ranges are narrow, most of the trading volumes look to be roll related ahead of the Thanks giving holiday. It is a busy US session for data tonight, with major focus on GDP revisions for Q3 and monthly PCE for October.
  • Futures are trading little changed, TU last +00¼ at 102-22⅜, while TY is +02+ at 110-13. The 10yr contract broke through resistance (20day EMA) on Monday and has held onto those gains, the moves were largely attributed to Scott Bessent being announced for Treasury Secretary.
  • Cash tsys yields are trading 0.5-2bps lower today, with the 2yr outperforming -1.7bps at 4.240%, while the 10yr is -1.4bps at 4.293%.
  • Traders are increasingly bearish, positioning for a potential surge in yields in the coming weeks. Demand for put options on 10yr futures, particularly in January and February contracts, has risen, with strikes targeting yields between 4.45% and 4.7%, yields not seen since April 2024. There was a large trade on Tuesday targeting yields as high as 4.9%, suggesting concern over renewed inflationary pressures linked to President-elect Donald Trump’s policies, including steeper tariffs.
  • Later today we have a busy session ahead of the Thanksgiving Holiday with MBA Mortgage Applications, GDP revisions for Q3, monthly PCE for October, Wholesale Inventories, Durable Goods Orders, Jobless Claims & MNI Chicago PMI
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  • There is very little happening in tsys today, ranges are narrow, most of the trading volumes look to be roll related ahead of the Thanks giving holiday. It is a busy US session for data tonight, with major focus on GDP revisions for Q3 and monthly PCE for October.
  • Futures are trading little changed, TU last +00¼ at 102-22⅜, while TY is +02+ at 110-13. The 10yr contract broke through resistance (20day EMA) on Monday and has held onto those gains, the moves were largely attributed to Scott Bessent being announced for Treasury Secretary.
  • Cash tsys yields are trading 0.5-2bps lower today, with the 2yr outperforming -1.7bps at 4.240%, while the 10yr is -1.4bps at 4.293%.
  • Traders are increasingly bearish, positioning for a potential surge in yields in the coming weeks. Demand for put options on 10yr futures, particularly in January and February contracts, has risen, with strikes targeting yields between 4.45% and 4.7%, yields not seen since April 2024. There was a large trade on Tuesday targeting yields as high as 4.9%, suggesting concern over renewed inflationary pressures linked to President-elect Donald Trump’s policies, including steeper tariffs.
  • Later today we have a busy session ahead of the Thanksgiving Holiday with MBA Mortgage Applications, GDP revisions for Q3, monthly PCE for October, Wholesale Inventories, Durable Goods Orders, Jobless Claims & MNI Chicago PMI