Free Trial

Weaker Ahead Boston Fed Collins, Housing Data

US TSYS
Tsys modestly weaker, lower half overnight range with bonds attempting rebound last couple hours. Light side of average volumes (TYZ2<290k) into lighter data and scheduled Fed speakers ahead the weekend.
  • Boston Fed Collins expected to speak at a Labor Market conference (text, no Q&A) at 0840ET - and again at 1000ET w/ CNBCs Steve Liesman.
  • Limited data after a heavy docket last couple days: Existing Home Sales (4.71M , 4.38M est vs. 4.71M prior) MoM (-7.1%) and Leading Index (-0.4%) at 1000ET.
  • No Tsy auctions or corporate bond issuance on the day limiting hedging flows, trading desks wary of adding risk ahead weekend and next week's Thanksgiving holiday.
  • STIR: Eurodollar/SOFR 2023 futures levels remain under pressure as Fed terminal rate climbs to 5.015% from 4.99% in Jun'23 late Thu (5.08% pre-CPI). Fed funds implied hike for Dec'22 steady 50.9bp, Feb'23 cumulative +1.3bp to 87.7bps to 4.730%, Mar'23 cumulative 106.4bp to 4.918%.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.