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Duration Extends Sell-Off After Bell

US TSY FUTURES
Myriad Fed speakers continued to tow the Fed company line pre/post the release of the March FOMC minutes Wednesday.
  • Fed Pres' Evans, Kaplan, Barkin, Daly and Fed Gov Brainard all see a brighter economic outlook ahead, transitory inflation pressures still a sign of improving strength while "participants reaffirmed the Federal Reserve's commitment to using its full range of tools to support the U.S. economy during this challenging time."
  • Meanwhile Tsy Sec Yellen released a report proposing to raise $2.5T in tax revenue over 15 years, aiming to pay for President Joseph Biden's infrastructure plan, reduce inequality and curtail corporate profit shifting. Tsy Link
  • Long bonds made new lows after the bell, loosely mirroring a late drop in equities off near record highs (ESM1around 4063.0 after the FI close). Yld curves bent steeper, but still well off late Feb highs with 5s30s around 148.50 after the bell.
  • Large Eurodollar futures and option flows: Block: 20,000 Red packs (EDM2-EDH3) at +0.0175 from 1032-1043ET, most likely swapped but not seeing other side. Taking a stand on Summer 2023 volatility: near +40,000 Green Jun 92 straddles from 21.25 to 22.5.
  • The 2-Yr yield is down 0.8bps at 0.1586%, 5-Yr is down 5bps at 0.8721%, 10-Yr is down 4.3bps at 1.6578%, and 30-Yr is down 2.6bps at 2.3207%.
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