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Bonds Surge, Light Volumes

US TSY FUTURES

Tsys extended early session highs last few minutes (German bunds made similar move but are well off overnight highs). No obvious headline trigger or Block/cross driving move. Volumes remain very light, however, TYH3<270k w/ less than 15k on the break from overnight range.

  • Futures already retracing half the move, 30YY currently 3.6621 (-.0183) vs. 3.6447 low, yield curves flatter:
    • 3M10Y -3.068, -118.99 (L: -126.547 / H: -117.83)
    • 2Y10Y -1.451, -73.415 (L: -74.151 / H: -70.902)
    • 2Y30Y -1.864, -56.766 (L: -57.833 / H: -53.757)
    • 5Y30Y -0.338, 5.533 (L: 4.877 / H: 7.532)

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