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Bonds Resume Decline

US TSYS
  • Front month Treasury bond futures drifting lower in generally quiet early afternoon trade, short end keeping pace as yield curves still deeply flatter - but still well off last week's multi decade inverted lows: 2s10s currently -34.402 at -75.552 (appr 37bp off last week's lows). Lead 10Y futures trade above initial firm support of 113-01.5 (50-day EMA) at 113-15.5.
  • Front-month 2Y note trading 102-21.5 - back near Monday's open after 2Y yield fell to 3.8367% overnight (mid-Sep territory) as banking crisis concerns debatably moderated somewhat.
  • Implied volatility drifting lower despite skittishness toward any contagion related headlines involving banks, however. Global rates gapped higher overnight after headlines flagged "material weakness" in financial reporting surrounding Credit Suisse - the bid reversed amid questions over how much the CS news has already been absorbed by markets. Latest from CS CEO: "SAYS FIRM SAW CLIENT INFLOWS ON MONDAY".
  • Barring bank tied headline risk, next focus is on Wednesday's PPI data for February: MoM (0.7%, 0.3%); YoY (6.0%, 5.4%), Retail Sales Advance MoM (3.0%, -0.4%) and TIC flows in the afternoon.
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