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US TSYS: Underperforming EGBs Ahead Of A Thin Docket

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have seen a modest twist steepening, firmly underperforming EGBs which have been supported by a dovish ECB sources piece from Reuters.
  • A lighter docket today should see headlines/flow in the driving seat. It could also add focus on continued earnings releases which are highlighted today by Procter & Gamble and American Express before the open.
  • Cash yields at 0.6bp lower (3s) to 1.0bp higher (20s).
  • 2s10s at 12.9bps (+1bp) slightly extends yesterday’s data-induced steepening but remains comfortably within recent ranges.
  • TYZ4 is back little changed on the day at 112-02 on reasonable volumes nearing a cumulative 310k. It has lifted off a low of 111-29+ that pushed through yesterday’s range but didn’t trouble support at 111-22 (Oct 10 low) with the outlook still deemed bearish.
  • Data: Building permits/housing starts Sep (0830ET)
  • Fedspeak: Bostic (0930ET), Kashkari (1000ET), Waller (1210ET), Bostic (1230ET)
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  • Treasuries have seen a modest twist steepening, firmly underperforming EGBs which have been supported by a dovish ECB sources piece from Reuters.
  • A lighter docket today should see headlines/flow in the driving seat. It could also add focus on continued earnings releases which are highlighted today by Procter & Gamble and American Express before the open.
  • Cash yields at 0.6bp lower (3s) to 1.0bp higher (20s).
  • 2s10s at 12.9bps (+1bp) slightly extends yesterday’s data-induced steepening but remains comfortably within recent ranges.
  • TYZ4 is back little changed on the day at 112-02 on reasonable volumes nearing a cumulative 310k. It has lifted off a low of 111-29+ that pushed through yesterday’s range but didn’t trouble support at 111-22 (Oct 10 low) with the outlook still deemed bearish.
  • Data: Building permits/housing starts Sep (0830ET)
  • Fedspeak: Bostic (0930ET), Kashkari (1000ET), Waller (1210ET), Bostic (1230ET)