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Modest Sell-Off On IMF Growth Upgrade and House Price Beats

US TSYS
  • Treasuries extend an earlier modest sell-off after upward revisions to IMF global growth forecasts from 2.8% to 3.0% and stronger than expected US house prices for both FHFA and S&P CoreLogic (at 0.7% and 1.0% M/M respectively).
  • Cash Tsys trading 3.3-4.5bps higher through 2-10Y benchmark tenors, led by the belly unsurprisingly with a stronger growth theme, whilst 30s outperform modestly at +2.6bps.
  • The latest increase has come from breakevens rather than real yields from earlier in the session, with 5Y and 10Y breakevens currently +2.5-3bps.

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