April 18, 2024 10:37 GMT
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)
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