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Lower with EGBs

US TSYS SUMMARY

US Treasuries have drifted lower in tandem with EGBs.

  • Volumes have been on the very low side, given Cash market closed, following UK Bank holiday, and re open this morning.
  • Curve is generally bear steeper in 2s/5s, 5/10s and 10/30s.
  • Very little in term of Month End flow so far, and likely that most has been done on Friday, with the UK closed.
  • Nonetheless, it is still worth noting that extension for Treasuries are very large for this Month, with Barcap index at +0.16yr.
  • Looking ahead, we have no data scheduled, and focus will squarely be on Fed speakers, VC Clarida, mon-pol webcast and Bostic,
  • 2y yields up 0.6bp today at 0.134%
  • 5y yields up 1.2bp today at 0.282%
  • 10y yields up 1.9bp today at 0.743%
  • 30y yields up 2.5bp today at 1.528%
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