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Yields Grind Lower, FOMC Tonight

US TSYS

TYH4 is trading at 111-29+, + 09 from NY closing levels.

Yields have been griding lower all day, front end slightly outperforming after underperforming overnight. China manufacturing PMI data miss, while US equity futures trend lower, potentially aiding the move.

  • Cash yields moving lower, the 2y trade 1.9bps lower to 4.316%, while the 10y yield is 1.5bp lower trading at 4.017%.
  • US 10Y Tsy futures broke out higher earlier, above yesterdays highs of 111-27+ and have held onto that move and remaining rangebound for the afternoon, trading back to Jan 17th levels of 111-28+.
  • TYH4 are still trading within resistance levels of 112-01+ and from the highs of Jan 17th, while support remains back at 110-26 from Jan 19th
  • Busy night for Data: Mortgage Applications, ADP Employment, MNI Chicago PMI and finally FOMC rate decision.
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