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Belly Continues To Outperform

US TSYS SUMMARY

The belly of the Tsy curve is outperforming once again early Thursday, ahead of the European Central Bank decision, jobless claims data, and later, 30-Yr supply.

  • The 5-yr's outperformance (for the 2nd consecutive session, and post-CPI data) has the curve bull steepening: The 2-Yr yield is down 0.8bps at 0.1449%, 5-Yr is down 3.4bps at 0.7553%, 10-Yr is down 1.9bps at 1.4988%, and 30-Yr is up 0.2bps at 2.2396%.
  • Jun 10-Yr futures (TY) up 9/32 at 132-26 (L: 132-14 / H: 133-00.5)
  • Some trans-Atlantic attention on the ECB's decision at 0745ET, followed by press conference at 0830ET.
  • Also 0830ET, the latest edition of jobless claims data, with JOLTS at 1000ET.
  • In supply, the $24B 30-Yr Bond auction at 1300ET is the highlight; there's also a $65B 4-/8-week bill sale earlier at 1130ET.
  • And at 1500ET we get the next release schedule for NY Fed operational purchases.
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