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Another Day Steeper

US TSYS
  • Cash Treasuries have seen a modest bear steepening after bull steepening yesterday amidst holiday-driven very low volumes.
  • This has seen 2s10s grind higher to 43bps, the highest since Mar 2 as the front-end is capped by modestly softer Fed hike expectations (compared to extremely lofty previous highs) and long-end yields touch new cycle highs on the prospect of faster QT.
  • 2YY +1.1bps at 2.459%, 5YY +2.1bps at 2.810%, 10YY +3.3bps at 2.886% and 30YY +3.6bps at 2.976%.
  • TYM2 is down 6+ ticks at 119-14 on average volumes. The downtrend is resumed with initial support at the earlier low of 119-09 after which it opens 119-04+ (low Dec 3, 2018 cont), whilst initial resistance is materially higher at 121-09 (Apr 14 high).
  • Fedspeak: Chicago Fed’s Evans -- no text, Q&A with media and potentially audience (1205ET)
  • Data: Limited to housing starts/building permits for Mar (0830ET)
  • Bill issuance: US Tsy $34B 52W Bill auction (1130ET)
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