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Minority Fed Speakers Reiterate Taper View

US TSYS SUMMARY

Tsys futures finished the session mixed, Bonds outperforming mildly weaker 2s-10s. Rates held narrow range since midmorning.

  • Similar price action to Thu's Tsys in Euro FI: disappointing German PMI had mkt discounting taper talk, with Tsys moving higher in turn in early NY trade. Tsys pared gains along with equities after Markit Services PMI comes out stronger than expected 70.1 vs expected 64.3, Composite 68.1 vs. last of 63.5.
  • Rates and equities pared gains, after Fed Harker comments: HARKER SAYS FED SHOULD START HAVING CONVERSATION ABOUT TAPERING SOONER RATHER THAN LATER, Rtrs
  • Not a marked react, but rates and equities continuing mild risk-on unwind since Harker kicked off. Dallas Fed Kaplan comments: "Would Not Be Surprised by 'Odd or Unusual' Job Data; Better for Fed to Act 'Sooner Rather Than Later', Dj
    Surge in June/Sep futures roll and June Tsy options expiration added to robust volumes.
  • Surge in June/Sep futures roll and June Tsy options expiration added to robust volumes.
  • The 2-Yr yield is up 0.8bps at 0.1533%, 5-Yr is up 1bps at 0.8212%, 10-Yr is down 0.3bps at 1.6216%, and 30-Yr is down 1.3bps at 2.3176%.
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