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Mkt Roundup: Weaker, Supply Weighing

US TSYS

Tsys see-sawing near middle of weaker range at the moment, decent overall volumes after the bell (TYM2>630k) on an active start to shortened pre-Easter holiday week (early close Thu at 1300ET, Fri closed). Yield curves holding steeper as futures pare loses after the open, 2s10s +1.870 at 19.691.

  • No data to speak of, Fed speak on tap, markets watching geopol headlines (Russia/Ukraine, French election w/Macron wins first round).
  • Tsys extended lows last few minutes after Amazon annc it would issue debt spanning seven tranches from 2Y to 40Y (AMZN issued $10B over six tranches in June 2020), but has since rebounded. Rates mkts also absorbing $46B Tsy 3Y notes.
  • Fresh cycle lows: June 10Y futures currently at 119-30 (-6) vs. 119-17 overnight low, break lower confirms a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. Moving average studies are also pointing south and scope is seen for a move towards 119-04+ next, the Dec 3 2018 low (cont).
  • Weaker June 30Y Bonds (USM2) off midmorning lows of 142-03 at 142-27 (-10), 30YY at 2.7609 (+.0428) vs. 2.8000% high.
  • Current cross asset: Oil weaker, desks citing weaker demand tied to China covid lockdowns, West Texas Crude (WTI) -$4.31 (-4.45%) at $93.95; Gold +$15.78 (0.81%) at $1961.95. Stocks weaker, SPX eminis -30 (-0.67%) at 4453.75.
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