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Bear Steepening

US TSYS SUMMARY

Treasuries are continuing to retrace from Thursday's highs, though remain poised for strong weekly gains.

  • Sep 10-Yr futures (TY) have reversed Thursday's gains, today down 11/32 at 133-17.5 (L: 133-14.5 / H: 133-26). But still well up from last week's close of 132-21+.
  • Curve bear steepening: the 2-Yr yield is up 0.8bps at 0.2026%, 5-Yr is up 2.4bps at 0.7658%, 10-Yr is up 4.2bps at 1.3344%, and 30-Yr is up 4.3bps at 1.9691%. 2s30s and 5s30s are respectively ~10+/8+bps above Thursday's flattest levels.
  • The big headline of the European morning session was the PBOC cutting the reserve requirement ratio for Chinese banks by 0.5pp - but this didn't have much of an impact on US markets (or most global markets) as it had been telegraphed well in advance.
  • No scheduled Fed speakers today; overnight the FT published an interview with SF Pres Daly, who noted downside risks to global growth from lockdowns due to the Delta COVID variant.
  • The only data is May final wholesale inventories (1000ET).
  • No further supply this week. NY Fed buys ~$2.025B of 22.5-30Y Tsys.
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