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Mildly Twist Steeper On Lighter Volumes

US TSYS
  • Cash Tsys trade twist steeper, with yields ranging from 1.5bps lower (2s) to 1.5bp cheaper (30s). Despite the steepening, 2s10s at -40.5bps remains within Friday’s range.
  • The front end and belly saw a brief push to new recent highs and 10Y yields equaled Friday’s 3.182 (still within YTD highs of 4.3486%) early on, before a BoJ bond buying announcement countered weakness.
  • TYM4 trades near unchanged at 110-02 (- 00+) on light volumes of 215k. It briefly poked half a tick below Friday’s 109-31 low and still eyes a key support at the bear trigger of 109-25+ (Feb 23 low).
  • The next two sessions are thin on macro drivers, limited primarily to housing data, whilst coupon issuance starts tomorrow with a 20Y re-open. Potential spillover from the BoJ decision aside, the FOMC decision on Wednesday is firmly on focus.
  • Data: NY Fed services Mar (0830ET), NAHB housing market index Mar (1000ET)
  • Bill issuance: US Tsy to sell $76B 13-W, $70B 26-W bills (1130ET)
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