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A Corrective Bear Steepening As Sentiment Firms

US TSYS
  • Cash Tsys have seen a modest sell-off with most of the move coming shortly after open. It follows significant rallies over the past week and a half, after 2Y yields touched highs of 2.85% (May 4) and the 10Y highs of 3.20% (May 9) before sliding on growth concerns.
  • 2YY +1.9bps at 2.580%, 5YY +3.1bps at 2.852%, 10YY +4.9bps at 2.897% and 30YY +7.2bps at 3.066%.
  • TYM2 sits 18 ticks lower at 119-14 on below average volumes in what’s seen as a corrective cycle this week amidst a primary downtrend.
  • Fedspeak: Kashkari (’23 voter) at 1100ET and Mester (’22) at 1200ET.
  • Data: Double inflation-related hit with int’l trade prices (0830ET), where non-oil imports of note to see if USD strength weighs further after weak CPI apparel, and preliminary U.Mich inflation expectations for May.
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