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ISM Miss Weighs on Tsy Ylds

US TSYS SUMMARY
Robust volumes traded despite Asia and London out for extended holiday (Japan and China through Wednesday still). Rates and equities climbed higher while USD dipped as focus turns to US data, rounding out the week with headline employment report, April job gain mean estimate +978k.
  • Early two-way trade on inside range, Tsys followed Bund lead into the NY open, overnight rate sellers on the back of upbeat PMI and re-open plans in Europe.
  • Tsys bounced on the open with for no obvious reason save perhaps unwinds of month-end positioning.
  • Strong data through April hit a snag midmorning: Tsys surged post ISM: 60.7 vs. 65.0 est and 64.7 in March. over 175k TYM1 trades in appr 5 minutes post data. 10YY fell to 1.5763% low, 1.6118% after the bell as futures pared gains; 30YY fell to 2.2515% low, 2.2929% last.
  • No new ground broken by several Fed speakers including Fed Chair Powell late session.
  • The 2-Yr yield is up 0.2bps at 0.1604%, 5-Yr is down 1.4bps at 0.8317%, 10-Yr is down 1.6bps at 1.61%, and 30-Yr is down 0.5bps at 2.2913%.
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