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Mildly Cheaper Ahead Of Weekly Claims, Further Heavy Bill Supply

US TSYS
  • Cash Tsys sit within session ranges for only slightly cheaper on the day, consolidating at least half of the sell-off seen on the BoC resuming hikes with a 25bp increase and both analysts and markets tilting to another 25bp hike in five weeks.
  • 2YY +1.1bp at 4.567%, 5YY +0.7bp at 3.948%, 10YY +1.2bp at 3.807%, 30YY +1.6bp at 3.961%. 2s10s hold at -76bps at the high end of the week’s range.
  • TYU3 trades 6+ ticks lower at 113-00+ off a low of 112-30 that probes a key support at 112-29+ (May 26/30 lows). A renewed push lower could open 112-16 (76.4% retrace of Mar 2 – May 4 rally).
  • Fed Funds implied rates are little changed overnight as well, still holding the June skip narrative with +8bp for Jun and a cumulative +21bp to a terminal in July after which they price only 25bp of cuts to year-end.
  • Data: Jobless claims (0830ET), Wholesale trade sales/inventories Apr/Apr final (1000ET), Household net worth Q1 (1200ET).
  • Bill issuance: US Tsy $60B 4W, $50B 8W bill auctions (1130ET)
BulletMarketsFixed Income BulletsHomepage Bank of Canada Market News
BulletMarketsFixed Income BulletsHomepage Bank of Canada Market News

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