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MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

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Bonds Extend Morning Lows

US TSY FUTURES
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  • Lead Tsy bond futures extend session lows last couple minutes (USM3 at 129-20, down -1-29), yield curves maintain flatter profiles (2s10s -26.634 at -67.684) as short end keeps pace with bonds.
  • Appears to be partially driven by bounce in bank stocks: First Republic (FRC) +56.71% after the open. Financials sector leading gainers for SPX futures currently +57.5 at 3946.0.
  • Latest on Credit Suisse may be quelling anxiety somewhat as well: “We have a very clear plan to put it into market, creating a liquidity event, most likely an IPO, and expect such an event in 2025,” Ulrich Koerner, the chief executive officer of Credit Suisse, said in an interview with Bloomberg TV’s Francine Lacqua.
    Bounce off lows for bank shares has tempered some of Monday's rate hike reversals:
  • Bounce off lows for bank shares has tempered some of Monday's rate hike reversals: Peak Fed terminal rate has climbed to 4.96% in May'23. Fed funds implied hike for Mar'23 at 21.0bp, May'23 cumulative 41.4bp to 4.997%, Jun'23 35.2bp to 4.935%; Nov and Dec cumulative levels near 0.0.
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  • Lead Tsy bond futures extend session lows last couple minutes (USM3 at 129-20, down -1-29), yield curves maintain flatter profiles (2s10s -26.634 at -67.684) as short end keeps pace with bonds.
  • Appears to be partially driven by bounce in bank stocks: First Republic (FRC) +56.71% after the open. Financials sector leading gainers for SPX futures currently +57.5 at 3946.0.
  • Latest on Credit Suisse may be quelling anxiety somewhat as well: “We have a very clear plan to put it into market, creating a liquidity event, most likely an IPO, and expect such an event in 2025,” Ulrich Koerner, the chief executive officer of Credit Suisse, said in an interview with Bloomberg TV’s Francine Lacqua.
    Bounce off lows for bank shares has tempered some of Monday's rate hike reversals:
  • Bounce off lows for bank shares has tempered some of Monday's rate hike reversals: Peak Fed terminal rate has climbed to 4.96% in May'23. Fed funds implied hike for Mar'23 at 21.0bp, May'23 cumulative 41.4bp to 4.997%, Jun'23 35.2bp to 4.935%; Nov and Dec cumulative levels near 0.0.