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A Calmer Start To The Day, Awaiting Further Bank News

US TSYS
  • Cash Tsys see a mild rally on the day in a move that only chips away at yesterday’s sell-off on major US banks coordinating support for First Republic, with today’s PBOC RRR cut for banks potentially providing a modest tailwind to rates. Futures volumes are low by this week’s standards as we await further drivers, likely from banks, as the US session starts to get underway.
  • 2YY -1.9bp at 4.138%, 5YY -4.5bp at 3.691%, 10YY -4.9bp at 3.530% and 30YY -3.8bp at 3.660%.
  • TYM3 trades 9+ ticks higher at 114-15+ as it drifts upwards within a relatively tight 20 tick range to date. Cumulative volumes are low by this week’s standards, at a more typical 300k so far. The outlook remains bullish with resistance seen at 116-01 (Mar 16 high) whilst support is seen at 113-28 ((38.2% retrace of rally from Mar 2, cont).
  • Data: IP for Feb after continued weakness of manufacturing surveys (0915ET), Conf Board Leading Index for Feb (1000ET) and U.Mich preliminary consumer survey for March (1000ET).
  • Bill issuance: US Tsy $60B 4W, $50B 8W bill auctions (1000ET)
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