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US TSYS: Tsys Futures Steady Ahead Of Fed Speak

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • It has been a very slow session for tsys we do trade just off session lows, although ranges have been narrow, while volumes are below averages. The front-end of the cash tsys curve is unchanged, while the longer end is trades slightly cheaper. TU is -00¾ at 102-21+, while TY is -04 at 109-23, both trading within Tuesday's ranges.
  • There is nothing on the data calendar tonight, with focus turning to US jobless claims figures Thursday, as well as speeches this week from Fed officials such as Michael Barr, Lisa Cook, Michelle Bowman and Susan Collins.
  • Overnight moves higher were driven by risk aversion after Ukraine hit Russia with US missiles and Russian President Vladimir Putin approved an updated nuclear doctrine expanding the conditions for using atomic weapons, however those moves have largely been erased. There was no reaction to Biden approving Ukraine for the use of anti-personal landmines.
  • Cash tsys curve has steepened slightly, the front-end is unchanged, while the 10yr is trading +0.6bps at 4.402%.
  • Projected rate cuts into early 2025 receded overnight vs. Tuesday levels (*) : Dec'24 cumulative -14.7bp (-15.4bp), Jan'25 -21.7bp (-24.0bp), Mar'25 -36.0bp (-39.5bp), May'25 -43.9bp (-48.2bp).
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  • It has been a very slow session for tsys we do trade just off session lows, although ranges have been narrow, while volumes are below averages. The front-end of the cash tsys curve is unchanged, while the longer end is trades slightly cheaper. TU is -00¾ at 102-21+, while TY is -04 at 109-23, both trading within Tuesday's ranges.
  • There is nothing on the data calendar tonight, with focus turning to US jobless claims figures Thursday, as well as speeches this week from Fed officials such as Michael Barr, Lisa Cook, Michelle Bowman and Susan Collins.
  • Overnight moves higher were driven by risk aversion after Ukraine hit Russia with US missiles and Russian President Vladimir Putin approved an updated nuclear doctrine expanding the conditions for using atomic weapons, however those moves have largely been erased. There was no reaction to Biden approving Ukraine for the use of anti-personal landmines.
  • Cash tsys curve has steepened slightly, the front-end is unchanged, while the 10yr is trading +0.6bps at 4.402%.
  • Projected rate cuts into early 2025 receded overnight vs. Tuesday levels (*) : Dec'24 cumulative -14.7bp (-15.4bp), Jan'25 -21.7bp (-24.0bp), Mar'25 -36.0bp (-39.5bp), May'25 -43.9bp (-48.2bp).