Curve Bull Steepens After Reversing Losses

TYZ3 deals at 107-30+, +0-03, in line with late NY levels.

• Cash tsys finished 1-8bps richer across the major benchmarks, the curve bull steepened.
• Tsys were briefly pressured in volatile after the latest round of US data, weekly claims were lower than forecast and Personal Consumption rose at its weakest rate in a year. The 10 Year Yields printed a fresh cycle high at 4.6861%.
• Losses were reversed and Tsys extended gains through the NY session, Pending Home Sales data was much lower than expected.
• There was little reaction to the Fedspeak which crossed through the session, Fed Chair Powell did not make any market moving statements at a teacher townhall event.
• Fedspeak from Richmond Fed President Barkin in ~1 hour headlines in Asia today, further out we have US consumer spending, wholesale inventories and University of Michigan consumer sentiment.