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US TSYS: Tsys Futures Steady, Ranges Narrow Ahead Of Jobs Data

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures are trading in tight ranges this morning, TU is trading -00⅜ at 104-04, while TY is trading -01 at 114-12+
  • Cash tsys curves are little changed with yields flat to 0.5bps higher. The 2yr is unch at 3.642%, vs cycle lows of 3.54% made Sept 24, while the 10yr is trading +0.8bps at 3.788%. Curves have flattened over the past week after the 2s10s hit a high of 22.364 and now trades back at 14.095.
  • Overnight, Fed's Barkin acknowledged progress on inflation but emphasized it’s too early to declare victory. He highlighted that core inflation remains slightly above the Fed’s 2% target and warned that the 12-month rate may not drop significantly until 2025. While noting positive supply-side influences, he also cited risks like rising wages, deglobalization, and geopolitical tensions. Barkin expects further uncertainty in both inflation and employment, with upcoming labor market data being crucial to future policy decisions.
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  • Tsys futures are trading in tight ranges this morning, TU is trading -00⅜ at 104-04, while TY is trading -01 at 114-12+
  • Cash tsys curves are little changed with yields flat to 0.5bps higher. The 2yr is unch at 3.642%, vs cycle lows of 3.54% made Sept 24, while the 10yr is trading +0.8bps at 3.788%. Curves have flattened over the past week after the 2s10s hit a high of 22.364 and now trades back at 14.095.
  • Overnight, Fed's Barkin acknowledged progress on inflation but emphasized it’s too early to declare victory. He highlighted that core inflation remains slightly above the Fed’s 2% target and warned that the 12-month rate may not drop significantly until 2025. While noting positive supply-side influences, he also cited risks like rising wages, deglobalization, and geopolitical tensions. Barkin expects further uncertainty in both inflation and employment, with upcoming labor market data being crucial to future policy decisions.