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Late Roundup: Quiet Curve Steepening Rally, Yellen Speaks

US TSY FUTURES
  • Treasury futures climbing higher across the board in late trade, partially tied to the sell-off in sock indexes lead by banks - ahead Tsy Sec Yellen taking the stand again at the top of the hour.
  • Wednesday's testimony from Tsy Sec Yellen weighed on stocks after stating the Tsy is "not considering broad increase in deposit insurance", at odds with Chairman Powell's comment supportive of regional banks.
  • Prepared text earlier than expected: Yellen to say "We have used important tools to act quickly to prevent contagion. And they are tools we could use again," she said in prepared testimony to Congress. "The strong actions we have taken ensure that Americans’ deposits are safe. Certainly, we would be prepared to take additional actions if warranted."
  • Front month 30Y futures tap 132-01, 30Y yield 3.6690% low, while yield curves continue to climb off deeper inverted levels: 2s10s marking -39.318 high as short end rates outperform 2Y futures mark 103-28.25 high, yield 3.7807% low.
  • In line: Implied rate cuts by year end accelerate with Dec'23 cumulative -86.6 at 3.946%, Fed Terminal slips to 4.89% in May.
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