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Market Roundup: Steeper Yld Curves w/ Fed Minutes in Rear View

US TSYS
Tsys futures trading mixed, yield curves steeper with the long end trading weaker midmorning Thu. General carry-over risk-on tone after May minutes showed no discussion of larger rate hikes. Otherwise not much that hasn't already been said by the flexible Fed helping improve risk appetite this morning.
  • MNI interview MN Fed research Dir Mark Wright said policymakers may consider slowing the pace of interest rate hikes as they approach a neutral rate of interest, although officials have divergent views as to where that key juncture lies.
  • Bonds receded after mixed data: Q1 GDP weaker than exp at -1.5% vsd -1.3% exp, GDP Price Index little stronger than expected at +8.1% vs. +8.0%, Personal Consumption stronger +3.1% vs +2.8% exp, weekly claims lower ay 210k while continuing claims rise 1.346M vs. 1.310M est.
  • Decent Tsy volumes still as Jun/Sep rolling nears completion ahead first notice next Tue (Sep takes lead). Re: Monday, May 30 Memorial Day national holiday. Cash FI markets closed while Globex opens at normal time Sunday evening at 1800ET through Monday at 1300ET. Globex reopens at 1800ET Monday evening.
  • US 10Y technicals w/ TYM2 trading 120-21 (+2): tested above the 50-day EMA of 120-28 to 120-31 intra-day high. A clear break of this average would reinforce bullish conditions and signal scope for a climb towards 121-25+, a Fibonacci retracement. Gains are still considered corrective though and the primary trend remains bearish.
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