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Carry-Over Rate Bid

US TSYS SUMMARY
With the exception of early L:ondon hours reversal (Europe accts returning from extended Easter holiday weekend to pare longs after last Fri's March NFP jobs surge +916k vs. +660k est), Tsys continued to trade higher Tuesday, with equities making new all-time highs (ESM1 tapped 4076.0) around noon before scaling back in second half.
  • No react to JOLTS data (OPENINGS RATE 7.367M IN FEB; QUITS RATE 2.3%), rates drew better buying as angst over a third COVID-wave of closures spread:
  • "FAUCI SAYS U.S. IS ON BRINK OF ANOTHER COVID SURGE" aired late while "TORONTO ORDERS SCHOOLS TO SHIFT TO REMOTE LEARNING" starting Wednesday.
  • Unlikely adding to rate bid, but more likely keeping some squared-up on the sidelines is Wednesday afternoon release of March FOMC minutes.
  • Pick-up in swappable corporate supply generated some selling (late launches, for Mexic, GM, Toyota and Penske still waited to price before hedges unwound). Core options positions remain hedged for rate hikes mid-2022 through 2023, while session trade say pick-up in in upside call buying.
  • The 2-Yr yield is down 0.8bps at 0.1586%, 5-Yr is down 5.3bps at 0.8688%, 10-Yr is down 4.6bps at 1.6542%, and 30-Yr is down 3.3bps at 2.3129%.
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