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A More Tentative Rally, 2Y Auction Later

US TSYS
  • Cash Tsys have continued yesterday’s rally since Europe came in, albeit at a slower pace, having sold off through Asia hours with the PBOC pledging a more proactive approach to supporting domestic economy via monetary policy tools.
  • With the rally broadly across the curve, 2s10s keeps to new flatter level seen late yesterday at 19bps, having retraced around half of the Apr 1 – Apr 19 steepening.
  • 2YY -2.5bps at 2.601%, 5YY -2.9bps at 2.830%, 10YY -3.0bps at 2.789% and 30YY -2.3bps at 2.865%.
  • TYM2 is up 7+ ticks at 119-27 towards the higher end of yesterday’s wide range. Resistance is eyed at yesterday’s high of 120-06 whilst support is seen at 118-08 (Apr 22 low).
  • Data: Solid docket, preliminary durable goods for March should be the pick but also have Conference Board consumer sentiment for April plus three different housing releases (important with shelter inflation growing so strongly).
  • Bond issuance: US Tsy $48B 2Y Note auction (91282CEK3) – 1300ET
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