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Discounting the Taper Talk

US TSYS SUMMARY
Rates and equities rebounded strongly Thursday, apparently discounting the prior session's taper talk on the heels of the April FOMC minutes amid better buying/short covering as accts.
  • Bonds lead move higher after Philly Fed came out weaker than exp, 31.5 vs. 41.5 exp. (May prices paid 76.8 vs. 69.1 in April, however), weekly claims little lower than exp at 444k vs. 450k exp.
  • Tsy futures quietly extended session highs in the lead up to Tsys $13B 10Y TIPS auction re-open, while a 10Y Block buy (+8.4k TYM1 132-15) contributed to the move. Decent volumes partially tied to surge in Jun/Sep quarterly futures rolling, well over 330k total between 5s and 10s. Reminder, Jun quarterly options expire Fri
  • Thursday's $13B 10Y TIPS auction re-open drew high yield of -0.805% w/2.50x bid-to-cover, high yld compares to -0.580% on prior auction on March 18, and 5-month average of -0.866%. Indirect take-up was 68.60%, down from 73.91% in March; Primary dealer take-up 15.55%, little better than a 15.29% 5M average; Direct take-up 15.86% vs. 15.22% in March.
  • The 2-Yr yield is down 0.8bps at 0.1472%, 5-Yr is down 4.4bps at 0.813%, 10-Yr is down 4.1bps at 1.6301%, and 30-Yr is down 3.1bps at 2.3386%.
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