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US TSYS: Tsys Yields Trade Cheaper, Curve-bear Flattens

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Tsys futures are trading in narrow ranges so far today, TU is currently +01¼ at 102-22⅝, TY is +04 + is 110-01+ both largely inline with opening levels.
  • Cash tsys have reopened with a flattening move, yields are flat to 3.5bps higher, with the 3yr yield underperforming. The 2yr is +2.5bps at 4.277%, while the 10yr is +1.8bps at 4.322%. The 2s10s is testing recent lows, at 4bps back at October 10 levels.
  • Fed futures are pricing 17bps of cuts at the December meeting with cumulative 25.7bps of cuts priced in by the January meeting.
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  • Tsys futures are trading in narrow ranges so far today, TU is currently +01¼ at 102-22⅝, TY is +04 + is 110-01+ both largely inline with opening levels.
  • Cash tsys have reopened with a flattening move, yields are flat to 3.5bps higher, with the 3yr yield underperforming. The 2yr is +2.5bps at 4.277%, while the 10yr is +1.8bps at 4.322%. The 2s10s is testing recent lows, at 4bps back at October 10 levels.
  • Fed futures are pricing 17bps of cuts at the December meeting with cumulative 25.7bps of cuts priced in by the January meeting.