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US TSYS: Tsys Near Lows As Chair Powell Rebuts His Own Post FOMC Comments

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries look to finish near session lows after comments from Chairman Powell at NABE conference taken hawkishly by markets, projected rate cut pricing receding as Powell stressed the Fed is not in a hurry to cut rates.
  • Dec'24 10Y futures nearly breached initial technical support of 114-07, last Thursday's low, before rebounding 114-11 (-12.5) after Powell ended his session. Curves bear flattened: 2s10s -4.701 at 14.234 vs. -13.208 low after climbing to 19.687 this morning.
  • Treasuries traded a narrow band earlier, taking cues from EGBs -- bouncing to top of session range in reaction to ECB Pres Lagarde commenting that the ECB will take into account stronger confidence in the inflation outlook at that gathering.
  • Tsys held near top of range after MNI Chicago PMI comes out higher than expected at 46.6 (but still contractionary -- well below 50). The marginal rise was due to two of the five subcomponents improving significantly: Order Backlogs and Employment. Meanwhile, reductions in Supplier Deliveries, New Orders, and Production restricted the upward move.
  • Focus turns to tomorrow's flash PMI, JOLTS and ISMs and more Fed speak from Bostic, Barkin and Cook.
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  • Treasuries look to finish near session lows after comments from Chairman Powell at NABE conference taken hawkishly by markets, projected rate cut pricing receding as Powell stressed the Fed is not in a hurry to cut rates.
  • Dec'24 10Y futures nearly breached initial technical support of 114-07, last Thursday's low, before rebounding 114-11 (-12.5) after Powell ended his session. Curves bear flattened: 2s10s -4.701 at 14.234 vs. -13.208 low after climbing to 19.687 this morning.
  • Treasuries traded a narrow band earlier, taking cues from EGBs -- bouncing to top of session range in reaction to ECB Pres Lagarde commenting that the ECB will take into account stronger confidence in the inflation outlook at that gathering.
  • Tsys held near top of range after MNI Chicago PMI comes out higher than expected at 46.6 (but still contractionary -- well below 50). The marginal rise was due to two of the five subcomponents improving significantly: Order Backlogs and Employment. Meanwhile, reductions in Supplier Deliveries, New Orders, and Production restricted the upward move.
  • Focus turns to tomorrow's flash PMI, JOLTS and ISMs and more Fed speak from Bostic, Barkin and Cook.