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US TSYS: Tsys Futures Trade In Tight Ranges Ahead Of Jobs Data

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures have traded in very tight ranges today TU is + 00⅞ at 104-06⅝, while TY is +02+ at 114-24+, there has been a small move higher over the past 30 minutes and we now trades near session highs.
  • Headlines has been light today, with little coming out of the Vice Presidential debate. Looking at APAC markets, the focus again has all been on Hong Kong listed Chinese equities, with the BBG China Property Gauge surging over 30% on huge volumes.
  • Cash tsys curve has done nothing today with yields all trading wrapped around unchanged for the session. The 2yr at 3.604% just off recent lows of 3.54%, while the 10yr is trading at 3.733%.
  • Traders are reducing their bets on a further rally in US Treasuries, scaling back expectations of a half-point rate cut by the Fed in November. This unwind is ahead of the September jobs report out on Friday and follows comments from Powell suggesting a gradual approach to rate cuts.
  • Projected rate cut pricing into year end gaining some momentum vs. this morning's levels (*): Nov'24 cumulative -34.9bp (-35.4bp), Dec'24 -70.8bp (-68.9bp), Jan'25 -102.3bp (-102.1bp).
  • Focus will turn to MBA Mortgage Applications  & ADP Employment Change later today
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  • Tsys futures have traded in very tight ranges today TU is + 00⅞ at 104-06⅝, while TY is +02+ at 114-24+, there has been a small move higher over the past 30 minutes and we now trades near session highs.
  • Headlines has been light today, with little coming out of the Vice Presidential debate. Looking at APAC markets, the focus again has all been on Hong Kong listed Chinese equities, with the BBG China Property Gauge surging over 30% on huge volumes.
  • Cash tsys curve has done nothing today with yields all trading wrapped around unchanged for the session. The 2yr at 3.604% just off recent lows of 3.54%, while the 10yr is trading at 3.733%.
  • Traders are reducing their bets on a further rally in US Treasuries, scaling back expectations of a half-point rate cut by the Fed in November. This unwind is ahead of the September jobs report out on Friday and follows comments from Powell suggesting a gradual approach to rate cuts.
  • Projected rate cut pricing into year end gaining some momentum vs. this morning's levels (*): Nov'24 cumulative -34.9bp (-35.4bp), Dec'24 -70.8bp (-68.9bp), Jan'25 -102.3bp (-102.1bp).
  • Focus will turn to MBA Mortgage Applications  & ADP Employment Change later today