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2Y Stops Just Shy Of 4.8% Overnight Before Yields Follow Europe Lower On Strong Supply

US TSYS
  • Cash Tsy yields sit 2-3bp lower, with 2s pulling back off fresh YtD highs of 4.797% early in the Asia session whilst the rest of the curve pulls further away from yesterday’s mid-session YtD highs which included the 10Y yield topping out at 4.462%.
  • They have followed European FI, with strong supply instead setting the tone amidst light headline flow. 3Y supply headlines today’s session with focus firmly on tomorrow’s CPI report followed by the FOMC minutes from the March FOMC.
  • TYM4 at 109-15 (+ 06+) is a little off earlier highs of 109-17 on strong cumulative volumes of over 400k. It has lifted off yesterday’s 109-02, having come close to support at 109-00, but the bearish trend structure is seen remaining in play.
  • Data: No further data with the NFIB survey already released for today
  • Note/bond issuance: US Tsy $58B 3Y Note auction (91282CKJ9) – 1300ET
  • Bill issuance: US Tsy $65B 42D CMB Bill auction (1130ET)

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