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Extending Lows Post-Data, NY Fed Williams

US TSYS
Little delay in post-US data selling into bid that developed after steady ECB policy annc. Retail Sales in-line w/ estimates (+0.5%), weekly claims slightly higher (+185k) continuing claims lower (1.475M) while Import/Export prices stronger than expected in all areas.
  • Selling accelerated, particularly in the short end after NY Fed Williams interview on Bbg TV as he sees 50bp hike in May as a "very reasonable option" in the Fed's effort to "get inflation back to 2%." while they can debate MBS sales further down the road."
  • As a result, yield curves seeing first significant flattening since rebound off inverted levels early April 4. 2s10s currently at 29.386 (-5.060) vs. 36.030 high this morning, 5s30s still off inversion at 3.002 (-1.326) vs. 6.856 high.
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