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Market Roundup: Bear Steepening For a Change

US TSYS
Rates trading back weaker again, curves steeper but still inverted (2s10s at -4.577, +3.464; 5s30s at -15,820 +1.817) with long end underperforming.
  • Futures were inside session range with recent block sales in 2s and 5s -- extending lows, risk-on following ECB Vasle headline that "negative rates may end by year end." Tsy 30YY climbs to 2.4882 high.
  • Gradual build started in short end ahead NY open, generally on the back of geopol headline risk concerning Russia, potential for more sanctions. Modest technical buying, unwind of last Fri's sell-off and curve inversions with Asian real$ and fast$ accts buying 2s and 3s vs. long end, misc acct selling 20s and 30s.
  • Rates holding near lows after Feb factory orders -0.5, ex-trans +0.4, while equities holding decent gains (ESM2 +16.75 4556.0).
  • Current cross asset: West Texas Crude (WTI) gaining 4.00 at 103.27; Gold +4.56 at $1930.24.
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