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Gaining Amid Broader Safe Haven Bid

US TSYS SUMMARY

Treasuries have climbed steadily overnight Tuesday with the curve bull flattening as safe haven assets gained favor. Fed speakers (incl Chair Powell) and 2-Yr supply ahead.

  • Risk-off triggers included planned Easter lockdown in Germany and, to a lesser extent, Turkish markets under pressure. Notable risk-off cross-asset moves include DXY dollar index +0.4%; S&P Futs -0.5%; WTI crude -3.5%.
  • Jun 10-Yr futures (TY) up 12.5/32 at 131-30 (L: 131-14 / H: 131-31).
  • The 2-Yr yield is down 0.6bps at 0.1412%, 5-Yr is down 4.2bps at 0.8205%, 10-Yr is down 6.2bps at 1.6329%, and 30-Yr is down 5.7bps at 2.3412%.
  • Fed Chair Powell and Tsy Sec Yellen testify on the CARES Act before the House Fin Svcs Committee at 1200ET; nothing new in the pre-released testimony but Q&A will be watched.
  • A long list of Fed speakers. 0900ET StL's Bullard; 1010ET Atl's Bostic; 1100ET Richmond's Barkin; 1330ET Gov Brainard; 1445ET NY's Williams; 1545ET Brainard again; 1620ET Bullard again.
  • Data relatively limited: current account balance at 0830ET and new home sales / Richmond Fed manufacturing at 1000ET.
  • 2Yr supply ($60B) of note at 1300ET; there's also a $34B 52-wk bill auction at 1130ET. NY Fed buys ~$1.225B of 7.5-30Y TIPS.
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