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[MARKET ANALYSIS] T-note futures languish at the prior day's trough after recent curve flattening and better-than-expected data

The recent better-than-expected ADP employment and NY Fed Manufacturing data has led to a flattening of the yield curve, causing T-note futures to linger near their previous trough.

Newsquawk StaffPublished On the live feed at , 20 minutes before this page
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[MARKET ANALYSIS] Asia-Pac stocks are higher in continued thinned conditions as many regional bourses remain closed

[MARKET ANALYSIS] DXY ekes slight gains in rangebound trade, while NZD underperforms after the RBNZ kept rates unchanged and refrained from any hawkish surprises

[MARKET ANALYSIS] T-note futures languish at the prior day's trough after recent curve flattening and better-than-expected data

RBNZ Governor Breman says OCR trajectory is aligned with the anticipated evolution of the economy, adds OCR track indicates there is a possibility of a hike towards the end of the year but noted Q4 hike is not fully priced in to the OCR track

Japan's Finance Minister Katayama says will carry out responsible fiscal policy, while keeping in mind the IMF's preliminary policy recommendation

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USTs: -1 tick

  • Languishes at the prior day's trough after the curve flatted on return from the long weekend and following the better-than-expected ADP employment and NY Fed Manufacturing data, while participants now await the FOMC Minutes due later.

Bunds: Flat

  • Trades sideways following the prior day's choppy performance and disappointing ZEW data, with demand also contained ahead of a EUR 5.5bln Bund issuance.

JGBs: +10 ticks

  • Extended on its recent advances but with the majority of early gains pared after hitting resistance just shy of the 133.00 level, while further upside is also capped amid the positive mood in Japanese stocks and after stronger-than-expected trade data.
Context

This could suggest strengthening economic conditions, implying that the Fed might lean toward maintaining its current policy stance, especially with FOMC Minutes looming, which could provide further insights into future rate decisions.

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