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Market Roundup: Tsy Yields March Higher

US TSYS
Tsy futures trading weaker across the board, near recent lows after 30Y Bond yields climb to highest lvl since June '19 at 2.6026%, 2.5790% last as rates bounce slightly.
Carry-over weakness in rates after hawkish Fed chair Powell comments from Monday's NABE conf: in short willingness to make "more than 25bp" hikes at each meeting in order to keep inflation in check if needed.
  • Tsy sell-off accelerated this morning after StL Fed Pres Bullard comments on Bbg TV urged Fed to "move aggressively to curb inflation .. faster is better" to get "policy back to neutral", adding 50bp hike "would definitely be in the mix."
  • Slight delayed reaction to hawkish StL Fed Bullard comments, lead quarterly Eurodollar futures reversed after going bid on lower 3M LIBOR settle (-0.00386 to 0.95371%, +0.01971/wk).
  • Markets less whippy than Monday opener, better volumes (TYM2>870k already), market depth w/Japan back from extended holiday weekend. Pick-up in Asia real$ selling in long end partially mitigated by leveraged$ acct buying. Tight stops triggered again in early trade, deal-tied rate-lock selling in short end, tactical curve flattener unwinds.
  • Tsy yld curves steepening as bonds gradually move off lows over last hour, 5s10s still inverted at -1.659, 5s30s off 17.309 low at 19.879.
  • Cross asset: Equities climbing: SPX emini +47.75 (1.07%) at 4500.5. West Texas Crude (WTI) -$2.22 (-1.98%) at $109.90; Gold -$21.59 (-1.12%) at $1914.30.
  • Technicals for TYM2: Monday’s strong sell-off that confirmed a resumption of the primary downtrend. Move lower maintains bearish price sequence of lower lows and low highs, reinforcing the current bear cycle. Focus on 122-20, the 176.4% retracement of the Feb 10 - Mar 7 climb and 122-00 further out.
  • Upside: firm resistance is seen at 125-23+, the 20-day EMA.
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