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US TSYS: Tsys Hug Lower/Narrow Range, Light Veterans Day Trade

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasury futures leaked lower on ligh volumes Monday, cash markets closed for the Veterans Day holiday. Dec'24 10Y slipped to 109-25.5 low after the open but recovered soon after - holding to a narrow 5-pt range through the rest of the session. TYZ4 trades 109-30.5 (-10.5) on total volume of 695,000 after the bell.
  • No economic data or Fed speakers in observance of the Veterans Day holiday, the main focus is on this week's headline inflation dat, CPI and PPI on Wednesday and Thursday respectively. Fed-speak returns up in earnest on Tuesday with Waller, Barkin, Kashkari and Harker making appearance.
  • Dec24 not fully pricing another 25bp cut: Projected rate cuts into early 2025 compared to early Monday levels (*): Dec'24 cumulative -16.3bp (-17.1bp), Jan'25 -24.3bp (-25.7bp), Mar'25 -37.6bp (-38.9bp), May'25 -45.0bp (-46.9bp).
  • Cross market roundup: crude trades weaker (WTI -2.20 at 68.18, Gold -62.21 at 2,622.56, USD gaining - extending highs vs. EUR, GBP, ZAR, CHF, CNH, CAD, NOK and SEK.
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  • Treasury futures leaked lower on ligh volumes Monday, cash markets closed for the Veterans Day holiday. Dec'24 10Y slipped to 109-25.5 low after the open but recovered soon after - holding to a narrow 5-pt range through the rest of the session. TYZ4 trades 109-30.5 (-10.5) on total volume of 695,000 after the bell.
  • No economic data or Fed speakers in observance of the Veterans Day holiday, the main focus is on this week's headline inflation dat, CPI and PPI on Wednesday and Thursday respectively. Fed-speak returns up in earnest on Tuesday with Waller, Barkin, Kashkari and Harker making appearance.
  • Dec24 not fully pricing another 25bp cut: Projected rate cuts into early 2025 compared to early Monday levels (*): Dec'24 cumulative -16.3bp (-17.1bp), Jan'25 -24.3bp (-25.7bp), Mar'25 -37.6bp (-38.9bp), May'25 -45.0bp (-46.9bp).
  • Cross market roundup: crude trades weaker (WTI -2.20 at 68.18, Gold -62.21 at 2,622.56, USD gaining - extending highs vs. EUR, GBP, ZAR, CHF, CNH, CAD, NOK and SEK.