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2s10s Consolidate Bear Steepening With Powell Eyed

US TSYS
  • Cash Tsy yields sit 3-5bp higher, with 7s leading the sell-off. Yesterday’s sizeable bear steepening is consolidated with 2s10s at -30bps for highs since mid-Feb.
  • The front end to belly remains within yesterday’s ranges, including 2s at 4.949% vs a notable high of 4.993%, but 10Y yields are closer to highs and 30Y yields have pushed fresh YTD highs today.
  • TYM4 is close to session lows of 107-23 (- 5+) as pushes back closer to yesterday’s 107-18+. Volumes are once again unusually heavy for the time of day at a cumulative 480k, close to recent above average sessions.
  • The trend points south - yesterday’s low stopped just short of support at 107-16+ (Fibo projection) after which lies 107-07+.
  • Data: Building permits/housing starts Mar (0830ET), NY Fed services Apr (0830ET), IP/Cap util Mar (0915ET)
  • Fedspeak: Jefferson (0900ET), Williams (1230ET), Barkin (1300ET), Powell (1315ET) and Collins (1630ET)
  • Bill issuance: US Tsy $65B 42D CMB and $46B 52W Bill auctions (1130ET)
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