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US TSYS: Twist Steeper Ahead Of Backloaded Docket

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries sit twist steeper today, with the front end still weighed by Fed Governor Waller’s dovish musings yesterday whilst the longer end has steadily reversed yesterday’s gains.
  • Cash yields are 0.6bp lower (2s) to 2.5bp higher (30s).
  • 2s10s sits at 3.4bps (+2bp), back at levels seen just prior to Thanksgiving.
  • TYH5 trades at 111-01 (-02+) off a session low of 110-30+, having remained within yesterday’s range, amidst particularly low volumes of just 235k.
  • Resistance is seen at yesterday’s 111-09 before 111-13 (50-day EMA), a clear break of which would signal scope for a stronger recovery after what are currently seen a corrective gains from a technical perspective.
  • Today’s docket is somewhat backloaded, starting with the JOLTS report at 1000ET (see the STIR bullet with Waller’s near-term focus on it) before Fedspeak starts from 1215ET.
  • Data: JOLTS Oct (1000ET), Vehicle sales
  • Fedspeak: Daly interviewed on Fox Business (1215ET), Kugler speech on the labor market and mon pol (1235ET, text + Q&A) and Goolsbee in keynote conversation about US mon pol (1330ET, Q&A).
  • Bill issuance: US Tsy $75B 42D CMB bill auction (1130ET)
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  • Treasuries sit twist steeper today, with the front end still weighed by Fed Governor Waller’s dovish musings yesterday whilst the longer end has steadily reversed yesterday’s gains.
  • Cash yields are 0.6bp lower (2s) to 2.5bp higher (30s).
  • 2s10s sits at 3.4bps (+2bp), back at levels seen just prior to Thanksgiving.
  • TYH5 trades at 111-01 (-02+) off a session low of 110-30+, having remained within yesterday’s range, amidst particularly low volumes of just 235k.
  • Resistance is seen at yesterday’s 111-09 before 111-13 (50-day EMA), a clear break of which would signal scope for a stronger recovery after what are currently seen a corrective gains from a technical perspective.
  • Today’s docket is somewhat backloaded, starting with the JOLTS report at 1000ET (see the STIR bullet with Waller’s near-term focus on it) before Fedspeak starts from 1215ET.
  • Data: JOLTS Oct (1000ET), Vehicle sales
  • Fedspeak: Daly interviewed on Fox Business (1215ET), Kugler speech on the labor market and mon pol (1235ET, text + Q&A) and Goolsbee in keynote conversation about US mon pol (1330ET, Q&A).
  • Bill issuance: US Tsy $75B 42D CMB bill auction (1130ET)