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US TSYS: Tsys Futures Steady Ahead Of Busy US Data Session & Fed Speak

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • It has been a very quiet session for US tsys, ranges have been extremely tight while volumes are well below recent averages. Focus in the region has largely been on China, where they have announced further stimulus packages aimed at those in extreme poverty, which saw consumer discretionary & staples stocks rally, while it was also announced they would look to inject 1t yuan ($142 billion) of capital into its biggest state banks.
  • TU is trading - 00+ at 104-10⅛, while TY is trading - 01 at 114-16+
  • Incase missed during the US morning session on Wednesday, there was the largest SOFR block on record with SFRZ4 118k sold at 96.065. The market at the time was trading at 96.09 near cycle highs, after hitting lows of 94.915 in May with the contract last trading at 96.050.
  • Fed Gov Kugler, a dovish FOMC member, supported the recent 50bp rate cut, citing a cooling but resilient labor market and ongoing inflation progress. She anticipates further rate cuts if disinflation continues, aiming to balance economic growth and inflation control.
  • Cash tsys curves are little changed today, with yields flat to 1bps lower. The 2yr yield is -0.2bps at 3.557%, while the 10yr is -0.2bps at 3.783%, while the 2s10s is hovering near highs at 22.379
  • Projected rate cuts into early 2025 held steady to mixed, latest vs Wednesday levels (*) as follows: Nov'24 cumulative -40.4bp (-39.1bp), Dec'24 -77.2bp (-79.1bp), Jan'25 -110.0bp (-112.5bp).
  • Looking ahead to Thursday's session: weekly claims, GDP, PCE, Cap Goods, Durables, Pending home sales and a flurry of Fed speakers including Barr, Cook, Kashkari, Williams and Chairman Powell.
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  • It has been a very quiet session for US tsys, ranges have been extremely tight while volumes are well below recent averages. Focus in the region has largely been on China, where they have announced further stimulus packages aimed at those in extreme poverty, which saw consumer discretionary & staples stocks rally, while it was also announced they would look to inject 1t yuan ($142 billion) of capital into its biggest state banks.
  • TU is trading - 00+ at 104-10⅛, while TY is trading - 01 at 114-16+
  • Incase missed during the US morning session on Wednesday, there was the largest SOFR block on record with SFRZ4 118k sold at 96.065. The market at the time was trading at 96.09 near cycle highs, after hitting lows of 94.915 in May with the contract last trading at 96.050.
  • Fed Gov Kugler, a dovish FOMC member, supported the recent 50bp rate cut, citing a cooling but resilient labor market and ongoing inflation progress. She anticipates further rate cuts if disinflation continues, aiming to balance economic growth and inflation control.
  • Cash tsys curves are little changed today, with yields flat to 1bps lower. The 2yr yield is -0.2bps at 3.557%, while the 10yr is -0.2bps at 3.783%, while the 2s10s is hovering near highs at 22.379
  • Projected rate cuts into early 2025 held steady to mixed, latest vs Wednesday levels (*) as follows: Nov'24 cumulative -40.4bp (-39.1bp), Dec'24 -77.2bp (-79.1bp), Jan'25 -110.0bp (-112.5bp).
  • Looking ahead to Thursday's session: weekly claims, GDP, PCE, Cap Goods, Durables, Pending home sales and a flurry of Fed speakers including Barr, Cook, Kashkari, Williams and Chairman Powell.