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A busy session ahead of FOMC

US TSYS SUMMARY

A busier European early session in Govies with elevated volumes in Europe and the US.

  • US treasuries dipped lower, dragged by decent pressure emerging in Europe.
  • TYM1 pushed lower and tested initial support at 131.25 (printed 131.25+ low).
  • This has in turn pushed US 10yr yield to the 14-15th April high at 1.6483%, printed a 1.6484% high.
  • Better EU Bank results kept Equities underpinned, and Core Bond offered, as investors position for the FOMC.
  • Looking ahead, US Wholesale Inventories is the notable data.
  • Most of the focus will be on the FOMC, but desks see the June meeting as they key one.
  • Earning tech season continues and includes Apple, Ebay and FB today.
  • 2y yields down -0.2bp today at 0.179%
  • 5y yields up 1.1bp today at 0.893%
  • 10y yields up 1.9bp today at 1.642%
  • 30y yields up 1.4bp today at 2.310%
  • 2s10s up 2.1bp today at 146.3bp-
  • 10s30s down -0.5bp today at 66.8bp
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