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Market Roundup: Extending Session Lows

US TSYS
FI futures trading weaker across the board, reversing midweek gains particularly in the front end as chances of two to three consecutive 50bp hikes starting May 4 pricing in -- curves bear flattening.
  • Current 2YY tops 2.6738% high vs. 2.5691% low; 30YY taps 2.9356% high 2.9287% last. Early overnight Block flattener (5Y/10Y-ultra), multiple outright block sales in 5s and 10s. Trading desks noted better Asia real$ selling 10s and 30s.
  • Technicals: TYM2 -16 at 119-00, key support at 118-19.5 (early Wed cycle low), confirming resumption of the primary downtrend and an extension of the price sequence of lower lows and lower highs. Moving average studies also point south w/ focus is on 118-02+ next, a Fibonacci projection.
  • Flipside: Initial firm resistance is unchanged at 121-09, the Apr 14 high.
  • Little react to weekly claims at 184k, 2k less than est, continuing claims 1.417M some 58k lower than est. Hawkish tone unlikely to change, StL Fed Bullard speaks on policy again at 1230ET https://bcf.princeton.edu/events/pres-james-bullard/
  • Cross-assets: Gold -$14.23 (-0.73%) at $1943.81; Crude firmer, WTI +2.50 at 104.69.
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