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Belly Underperforming

US TSYS SUMMARY

Tsys are trading mixed, with TYs a little stronger though well off session highs.

  • Yields continued to fade some of the post-payrolls rise in Asia-Pac trade, but moved higher in early London trade as desks came back after a 4-day European weekend.
  • Belly underperforming: 2-Yr yield is up 0.2bps at 0.1685%, 5-Yr is up 0.5bps at 0.9269%, 10-Yr is up 0.2bps at 1.7022%, and 30-Yr is down 0.3bps at 2.3432%.
  • Jun 10-Yr futures (TY) up 3.5/32 at 131-07 (L: 131-03.5 / H: 131-14), volumes still on the light side though, w <300k traded as of 0630ET.
  • USD edging higher, stock futures giving back a bit of Monday's gains.
  • Not much in terms of headline drivers overnight: mainly focused on EU - US cooperation on global minimum corporate tax, and further Archagos fallout (Credit Suisse announcing $4.7B hit).
  • A quiet calendar lies ahead today: data consists of Feb JOLTS (1000ET), while Richmond Fed's Barkin is the only scheduled speaker (1430ET).
  • In supply, we get $40B 42-day bill auction at 1130ET. NY Fed buys ~$1.750B of 20-30Y Tsys.
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