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A risk-on tone to conclude the......>

US TSYS SUMMARY
US TSYS SUMMARY: A risk-on tone to conclude the week has weighed on Treasury
futures, which are touching 3-week lows early Friday.
- Much-stronger-than-expected Chinese credit data for March released around
0400ET pushed global equities higher and safe-haven bonds lower.
- Jun 10-Yr futures (TY) down 10/32 at 123-8 (L: 123-07 / H: 123-21.5), moving
in mirror image to stocks (S&P E-Mini Future up 12 points (0.41%) at 2903.75).
- Belly is underperforming on the cash curve. The 2-Yr yield is up 3.1bps at
2.3852%, 5-Yr is up 4.6bps at 2.3565%, 10-Yr is up 4.1bps at 2.5382%, and 30-Yr
is up 3bps at 2.9563%.
- Notable steepening in 3M10Y spread, up 4.497, at 11.447.
- Data later includes US import/export price index and prelim U Michigan survey.
- IMF meetings in D.C. could provide some soundbites by global policymakers
later as well.

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