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Modest Bull Flattening Ahead Of Jobs And ISM Data

US TSYS SUMMARY

Tsys have edged higher from overnight lows, with the Asia-Pac and European sessions seeing trading within the week's ranges and some bull flattening.

  • Jun 10-Yr futures (TY) up 5/32 at 131-03 (L: 130-29 / H: 131-06.5). The 2-Yr yield is unch at 0.1605%, 5-Yr is down 0.5bps at 0.9348%, 10-Yr is down 2.1bps at 1.7197%, and 30-Yr is down 2.9bps at 2.3815%.
  • Price action slightly subdued as Europe heads into a 4-day weekend (reminder U.S. stocks closed Friday but fixed income has a shortened session).
  • Equities stronger, S&P 500 futures pointing to another test of the 4,000 level. Dollar flat.
  • Data kicks off at 0730ET with Challenger job cuts; 0830ET sees jobless claims. Final reading of Mar PMI at 0945ET, with ISM Manufacturing at 1000ET.
  • Philly Fed's Harker speaks at 1300ET. In an interview published late Weds, Richmond Fed's Barkin told MNI that he saw "powerful" long-term disinflationary forces in the economy, while declining to say whether he had advanced his rate hike expectations in March's dot plot.
  • In supply, $80B of 4-/8-week bills sell at 1130ET. No NY Fed operational purchases.
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