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Yield Gains Extend, But Off Post Powell Highs

US TSYS
TYH4 is trading at 111-10+, - 10+ from NY closing levels.
Futures have found some support going into Asia lunch, with Mar'24 10Y futures testing new lows of 111-08 post Powell's 60 minute interview. He mentioned that there needs to be more disinflation evidence to cut rates. The CBS reporter stated that Powell suggested a mid-year cut, but this wasn't in the transcript of the interview.
  • Mar'24 10Y futures ended the week lower to close at 111-22, with a low of 111-16. Earlier we hit news lows of 111-08, before finding some support, we have been unable to break back above the lows from Friday with the next support level at 110-26 from Jan 19, a close below here would imply a bear trigger.
  • Earlier we saw buying in Mar'24 5Y futures, at 107-20.25, in 4,700 size, month lows are 107-16.75.
  • Cash yields curves have come off their highs of the day to trade 3.5-6.5bps higher, with a slight flattening of the curve. Currently, the 2Y yield is 5.4bps higher at 4.416%, while the 10y is 5.1bps higher at 4.071%. The 2y10y is -2.2 lower today at -34.2, but off Friday's lows of -40.198.
  • Data Tonight: ISM Non-Manufacturing, PMI while Atlanta Fed's Raphael Bostic speaks.
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