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Gains From ISM Services Pared, Labor Data And Fedspeak Ahead

US TSYS
  • Cash Tsy yields sit 1-1.5bps higher on the day, led by the belly as they modestly pare the rally seen after softer than expected ISM services and especially its weaker price component.
  • TYM4 at 109-23+ is off overnight highs of 109-29+ for back little changed on the day, just 1+ lower. Volumes are again elevated for the time of day with 315k. Yesterday’s pre-ISM services low of 109-09+ marked a clearing of a bear trigger, with attention on the 109-00 handle, whilst resistance is seen at 110-15 (20-day EMA).
  • Labor market data provide initial focus prior to heavy Fedspeak, with an eye on tomorrow’s NFP report.
  • Data: Challenger job cuts Mar (0730ET), Weekly jobless claims (0830ET), Trade bal Feb (0830ET)
  • Fedspeak: Harker (1000ET), Barkin (1215ET), Goolsbee (1245ET), Mester (1400ET), Kashkari (1400ET), Musalem (1920ET) and Kugler
  • Bill issuance: US Tsy $70B 4W, $75B 8W Bill auctions (1130ET)
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  • Cash Tsy yields sit 1-1.5bps higher on the day, led by the belly as they modestly pare the rally seen after softer than expected ISM services and especially its weaker price component.
  • TYM4 at 109-23+ is off overnight highs of 109-29+ for back little changed on the day, just 1+ lower. Volumes are again elevated for the time of day with 315k. Yesterday’s pre-ISM services low of 109-09+ marked a clearing of a bear trigger, with attention on the 109-00 handle, whilst resistance is seen at 110-15 (20-day EMA).
  • Labor market data provide initial focus prior to heavy Fedspeak, with an eye on tomorrow’s NFP report.
  • Data: Challenger job cuts Mar (0730ET), Weekly jobless claims (0830ET), Trade bal Feb (0830ET)
  • Fedspeak: Harker (1000ET), Barkin (1215ET), Goolsbee (1245ET), Mester (1400ET), Kashkari (1400ET), Musalem (1920ET) and Kugler
  • Bill issuance: US Tsy $70B 4W, $75B 8W Bill auctions (1130ET)