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2s10s Yield Curve Appr 30Bp Steeper on Wk

US TSYS

Tsys holding mixed levels after the bell, curves steeper with long end underperforming -- 10s-30s holding narrow range/near lows since noon.

  • Nothing really new from StL Fed Bullard comments on economy/monetary policy this morning, save perhaps that current policy is "about 300bp too low", and stresses importance of taking recession red flag yield curve inversions seriously.
  • Currently, 2s10s nearly 30bp off Sunday evening inverted low of -9.531 at +19.708 while 3s, 5s and 7s remain inverted or near inversion vs. 10s (+0.208, -4.370, -7.347 respectively).
  • At 120-16 (-6) June 10Y futures remain above key support of 120-04+ (Low Dec 12/13 2018, cont); if yields continue to rise -- next key psychological support of 120-00.
  • Limited data, no scheduled Fed speakers or Treasury supply:
    • Apr-8 1000 Wholesale Trade Sales MoM (2.1%, 2.1%)
    • Apr-8 1000 Wholesale Inventories MoM (4.0%, 0.8%)
  • The 2-Yr yield is down 0.8bps at 2.4636%, 5-Yr is up 1.9bps at 2.7008%, 10-Yr is up 6bps at 2.6578%, and 30-Yr is up 5.9bps at 2.6847%.
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