Reply To: Traders Market Weekly: Hello 2024, Unexpected Opportunity on The Menu


U.S. Treasuries finished with the 5-yr note and longer tenors adding to their recent losses while shorter tenors recorded slim gains.

Treasuries opened the day with losses across the curve with yields on the 10-yr note and the 30-yr bond starting near their respective 200-day moving averages, revisiting those levels for the first time in three weeks. From there a late-morning rally briefly pressured yields below their opening levels from Thursday, but renewed selling in midday action returned them to the day’s starting levels.

This week’s selling lifted yields across the curve by 14-17 bps, but the impact on the slope of the yield curve was limited since the 10-yr yield increased by just two more basis points than the 2-yr yield.

The price of crude oil saw a continuation of this week’s volatility, but was able to finish near its highest level of the week while the U.S. Dollar Index also had a bumpy session but returned to little changed at 102.41 by the afternoon, gaining 1.0% for the week.