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Latest Losses Pared With BoE, Initial Claims and 10Y TIPS To Come

US TSYS
  • Treasuries have continued to pull back from fresh cycle (and multi-year) highs for yields seen in Asia-Pac hours or more recently for the very long end.
  • The curve twist steepens with benchmarks 2.5bp richer to 2.5bp cheaper, pivoting around 5s.
  • It sees TYZ3 trades at 108-21+ off a low of 108-16 that cleared a Fibo projection level in the process, with strong volumes of 400k.
  • It has been a heavy morning for central banks, with the SNB surprisingly holding at 1.75% (cons 2.00%), whilst the Norges Bank and Riksbank both hiked 25bps as expected to 4.25% and 4%, indicating peaks of 4.5% and 4.1% respectively.
  • The BoE follows shortly, deemed a close call after yesterday's softer than expected CPI data. Markets and the consensus view of economists lean towards a hike.
  • NY hours will see weekly jobless claims for a payrolls reference week, the Philly Fed survey and existing home sales data. The $15B 10Y TIPS re-open highlights supply, with the 10Y real yield having touched fresh highs since 2009.
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