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Cheapening Pressure Ahead Of NY Fed's Williams

US TSYS
  • Cash Tsys have pushed to session lows, led by the front end for a minor bull flattening with 2Y yields +3.3bps to 4.035% for highs since last week’s JOLTS downside surprise. Most of the rest of the curve sees yields +1-1.5bps aside from 20s moderately outperforming.
  • No clear headline driver for the latest shift, but it’s come with Fed Funds implied rates also lifting although it doesn’t wildly change the path: 3bp implied hike for Jun, 21bp of cuts for Sep and a cumulative 66bp of cuts to 4.42% for year-end.
  • Ahead, NY Fed’s Williams (voter) speaks including text at 1205ET to the Economic Club of NY, followed by the 3Y auction at 1300ET. Later on, congressional leaders discuss the debt limit – no official time but we hear circa 1600ET.
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