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US TSYS: Tsys Off Lows, Focus on President Elect Cabinet Positions

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries look mixed after the bell, well off early session lows with 2s-10s making modest gains. Curves mixed, however, 2s10s -.053 at 13.140, 5s30s +1.954 at 32.802.
  • Muted reaction to data: NAHB housing market index surprised higher at 46 (cons 42) in November after 43, for its highest since April. The 3pt increase was driven by expectations for future sales (+7) which at 64 is now its highest since Apr 2022.
  • Market focus remains on Trump's cabinet picks, with the Treasury Secretary position still up for grabs. Latest reports suggest that Trump's shortlist is growing, and he is to hold interviews this week with the leading candidates, including (but not limited to) Scott Bessent, Howard Lutnick, Kevin Warsh and Marc Rowan.
  • Their perceived support for Trump's tariff regime will prove key to any market reaction on the formal appointment. Midmorning headlines announced the Trump team supports Fed Governor Kevin Warsh, deemed a both a fiscal and monetary hawk
  • On tap for Tuesday: Building Permits & Housing Starts at 0830ET, BLS releases State-level payrolls and unemployment data for Oct at 1000ET. US Treasury auctions $80B 42D CMBs. Fed speak: KC Fed Schmid economic outlook (text TBA, Q&A) at 1310ET.
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  • Treasuries look mixed after the bell, well off early session lows with 2s-10s making modest gains. Curves mixed, however, 2s10s -.053 at 13.140, 5s30s +1.954 at 32.802.
  • Muted reaction to data: NAHB housing market index surprised higher at 46 (cons 42) in November after 43, for its highest since April. The 3pt increase was driven by expectations for future sales (+7) which at 64 is now its highest since Apr 2022.
  • Market focus remains on Trump's cabinet picks, with the Treasury Secretary position still up for grabs. Latest reports suggest that Trump's shortlist is growing, and he is to hold interviews this week with the leading candidates, including (but not limited to) Scott Bessent, Howard Lutnick, Kevin Warsh and Marc Rowan.
  • Their perceived support for Trump's tariff regime will prove key to any market reaction on the formal appointment. Midmorning headlines announced the Trump team supports Fed Governor Kevin Warsh, deemed a both a fiscal and monetary hawk
  • On tap for Tuesday: Building Permits & Housing Starts at 0830ET, BLS releases State-level payrolls and unemployment data for Oct at 1000ET. US Treasury auctions $80B 42D CMBs. Fed speak: KC Fed Schmid economic outlook (text TBA, Q&A) at 1310ET.