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Curve Bear Flattens, Fedspeak From Williams On Wires Shortly

US TSYS

TYH3 deals at 115-18+, -0-02, in line with levels seen late in the NY session.

  • Cash Tsys finished Thursday 2-4bp cheaper Thursday as the curve bear flattened.
  • Tsys were pressured yesterday, as hawkish ECB speak spurred weakness in global FI.
  • Lower tier data was headlined by the Philadelphia Fed business survey surprising to the upside, although the measure remains in contractionary territory.
  • Fedspeak from Boston Fed President Collins also weighed, noting rates will rise in more measured steps to just above 5%, and then stay at that level for some time to bring inflation down.
  • A recovery off session lows was seen after $17B 10Y TIPS auction marginally stopped through, a strong bid/cover ratio and indirect take-up was observed
  • A lack of overt hawkish Fedspeak from Fed Governor Brainard saw the recovery from cheaps extend, as she pointed to the delayed impact of some of the tightening already enacted.
  • PPI data from Japan and Fedspeak from NY President Williams headline the Asia-Pac session. Further out we have U.S. home sales and Fedpseak from Philadelphia President Harker and Governor Waller.
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