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Curve Bear Flattens On Tuesday

US TSYS

TYM3 deals at 114-30, +0-00+, in line with late NY levels.

  • Cash tsys finished 1-7bps cheaper across the major benchmarks on Tuesday, the curve bear flattened.
  • The latest round of US data saw tsys pressured, US Retail Sales increased in April and Industrial Production and NAHB Housing Market Index were firmer than expected.
  • Risk off flows as concerns over the US debt ceiling remain also weighed on the space. President Biden noted that the latest round of talk was productive.
  • A brisk pace of corporate issuance added a further layer of pressure capping rallies in the NY session.
  • Richmond Fed President Barkin said he was still looking to be convinced that inflation had been defeated and that he would support further rate rises if necessary.
  • GDP data from Japan headlines today's Asia-Pac session, Fedspeak from Atlanta Fed President Bostic and Chicago Fed President Goolsbee will cross. Further out we have Eurozone CPI and US Housing Starts. We also have the latest 20-Year supply.
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