Free Trial

Consolidation Of Yesterday’s Bull Flattening, Jobless Claims In Focus

US TSYS
  • Cash Tsy yields sit 1-1.5bp lower, mostly consolidating yesterday’s bull flattening as they take yields a little further away from Tuesday’s latest YTD highs which included the 2Y breaching 5%.
  • TYM4 trades at 108-07+ (+ 02+) off an earlier high of 108-10+ on further solid overnight volumes of 430k. Resistance is seen at 108-25+ (Apr 12 high) whilst short-term gains are considered corrective with the trend needle pointing south and support at 107-13+ (Apr 16 low).
  • Today sees a likely data focus, primarily jobless claims which includes the payrolls reference period for initial claims, but also existing home sales and the Philly Fed manufacturing index.
  • Data: Weekly jobless claims (0830ET), Philly Fed mfg Apr (0830ET), Existing home sales Mar (1000ET), Leading index Mar (1000ET)
  • Fedspeak: Bowman (0905ET), Williams (0915ET), Bowman (0915ET), Bostic (1100ET), Bostic (1745ET) – see STIR bullet.
  • Note/bond issuance: US Tsy $23 5Y TIPS auction (1300ET)
  • Bill issuance: US Tsy $70B 4W, $75B 8W Bill auctions (1130ET)
155 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Cash Tsy yields sit 1-1.5bp lower, mostly consolidating yesterday’s bull flattening as they take yields a little further away from Tuesday’s latest YTD highs which included the 2Y breaching 5%.
  • TYM4 trades at 108-07+ (+ 02+) off an earlier high of 108-10+ on further solid overnight volumes of 430k. Resistance is seen at 108-25+ (Apr 12 high) whilst short-term gains are considered corrective with the trend needle pointing south and support at 107-13+ (Apr 16 low).
  • Today sees a likely data focus, primarily jobless claims which includes the payrolls reference period for initial claims, but also existing home sales and the Philly Fed manufacturing index.
  • Data: Weekly jobless claims (0830ET), Philly Fed mfg Apr (0830ET), Existing home sales Mar (1000ET), Leading index Mar (1000ET)
  • Fedspeak: Bowman (0905ET), Williams (0915ET), Bowman (0915ET), Bostic (1100ET), Bostic (1745ET) – see STIR bullet.
  • Note/bond issuance: US Tsy $23 5Y TIPS auction (1300ET)
  • Bill issuance: US Tsy $70B 4W, $75B 8W Bill auctions (1130ET)