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US TSYS: Yields Inch Higher Ahead Heavy Data Docket, Corporate Earnings

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries tested the wide early overnight range Monday, Treasury futures extended session highs by midmorning: Dec'24 10Y trading 111-02 (0.0), 10Y yield -.0119 at 4.2280%, 30Y +3 at 118-12. Muted market reaction to Israel's limited strike against Iran (note crude prices have fallen sharply, however: WTI -4.76 to 67.22 low).
  • Support evaporates as Tsys swung lower by noon, extending lows after both Treasury note auctions tailed Monday:
    • Weak $69B 2Y note auction (91282CLS8) tailed 0.8bp: 4.130% high yield vs. 4.122% WI;
    • Weak $70B 5Y note auction (91282CLR0) tails 1.6bp: drawing 4.138% high yield vs. 4.122% WI. Tsy 10Y futures fell to 110-18.5 low, 10Y yield climbing to 4.2982% high.
  • Market turns focus on this Friday's headline employment report for October, ADP Wednesday, not to mention a heavy corporate earning's docket this week and month end extension. Next week Tuesday's presidential election likely keeping some trading accounts on the sidelines as well.
     
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  • Treasuries tested the wide early overnight range Monday, Treasury futures extended session highs by midmorning: Dec'24 10Y trading 111-02 (0.0), 10Y yield -.0119 at 4.2280%, 30Y +3 at 118-12. Muted market reaction to Israel's limited strike against Iran (note crude prices have fallen sharply, however: WTI -4.76 to 67.22 low).
  • Support evaporates as Tsys swung lower by noon, extending lows after both Treasury note auctions tailed Monday:
    • Weak $69B 2Y note auction (91282CLS8) tailed 0.8bp: 4.130% high yield vs. 4.122% WI;
    • Weak $70B 5Y note auction (91282CLR0) tails 1.6bp: drawing 4.138% high yield vs. 4.122% WI. Tsy 10Y futures fell to 110-18.5 low, 10Y yield climbing to 4.2982% high.
  • Market turns focus on this Friday's headline employment report for October, ADP Wednesday, not to mention a heavy corporate earning's docket this week and month end extension. Next week Tuesday's presidential election likely keeping some trading accounts on the sidelines as well.