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2YY Off Fresh Post-SVB Highs But Holding Solid Sell-Off Pre Data Heavy Session

US TSYS
  • Cash Tsys are holding a solid cheapening seen through European hours after yesterday’s stronger US data, led by the front end to belly for a renewed flattening. It saw 2Y yields touch fresh post-SVB highs of 4.931%. There was little by way of new drivers although the extension was possibly helped by some clearing of support in futures, whilst Treasuries outperform Gilts but underperform EU FI.
  • Chinese PMI data did little for the space overnight, with a steady rate of contraction seen in the manufacturing reading, while the rate of expansion in the non-manufacturing PMI reading continued to slow.
  • 2YY +5.1bp at 4.910%, 5YY +4.1bp at 4.171%, 10YY +3.2bp at 3.870% and 30YY +1.8bp at 3.918%. 2s10s tilts 2bps lower at -103.5bps off yesterday’s recent low of -106bps.
  • TYU3 trades 8 ticks lower at 111-28 on above average volumes of 330k. It’s off a low of 111-25+ having pushed through support at 112-01/112-00 (Jun 29 low/Mar 10 low) to open 111-14+ (Mar 9 low).
  • Data: PCE report for May (0830ET), MNI Chicago PMI for Jun (0945ET), finalised U.Mich survey for Jun (1000ET).
  • No Tsy issuance, no Fedspeak scheduled.
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