• Treasury futures extending early session highs at the moment, early see-saw trade continues amid thin market participation and light volumes. Jun'23 10Y futures tap 115-31.5 high (+6), 10Y yield marks 3.3477% low; 30Y futures 133-19 high (+16), 30Y yield 3.5658% low.
  • Yield curves reverse earlier steepening, 2s10s currently -.795 at -59.812 vs. -55.765 high.
  • Fed funds implied hike for May'23 holding steady to Friday's 17.6bp, Jun'23 16.2bp cumulative at 4.986%. Projected rate cuts later in the year also holding near Fri's levels with appr two 25bp cuts priced in for December: -48.6 cumulative at 4.337.
  • Last Friday's near in-line March jobs gain of +236k vs. +230k est, saw implied rate cuts recede from mid-week high of appr -88bp.

US TSY FUTURES: Bonds Gaining, Curves Reverse Course

Last updated at:Apr-10 12:36By: Bill Sokolis
  • Treasury futures extending early session highs at the moment, early see-saw trade continues amid thin market participation and light volumes. Jun'23 10Y futures tap 115-31.5 high (+6), 10Y yield marks 3.3477% low; 30Y futures 133-19 high (+16), 30Y yield 3.5658% low.
  • Yield curves reverse earlier steepening, 2s10s currently -.795 at -59.812 vs. -55.765 high.
  • Fed funds implied hike for May'23 holding steady to Friday's 17.6bp, Jun'23 16.2bp cumulative at 4.986%. Projected rate cuts later in the year also holding near Fri's levels with appr two 25bp cuts priced in for December: -48.6 cumulative at 4.337.
  • Last Friday's near in-line March jobs gain of +236k vs. +230k est, saw implied rate cuts recede from mid-week high of appr -88bp.

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