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Modestly Cheaper After SNB and Norges Bank, BoE Still To Come

US TSYS
  • Cash Tsys have seen some modest cheapening pressure through European hours after regional central banks leaned hawkish and with the BoE still to come shortly. The front end outperforms on the day after rallying in Asia hours in a continuation of the sizeable post-FOMC reaction before retracing, but still leaves 2YY currently down 21bps from Tuesday’s close.
  • 2YY +1.4bp at 3.950%, 5YY +2.9bp at 3.540%, 10YY +3.6bp at 3.470% and 30YY +2.0bp at 3.672%. 2s10s at -47bps within wide ranges of -80bps to -30bps since regional banking woes escalated on Mar 13.
  • TYM3 trades 6+ ticks higher at 115-09+ having earlier come within half a tick of yesterday’s post-FOMC high of 115-19+. That level forms initial resistance after which lies 116-24 (Mar 20 high), whilst to the downside support remains at 113-26 with the key 50-day EMA at 113-15.
  • Data: Weekly jobless claims (0830ET), Current account balance (0830ET), Chicago Fed Nat Act Index (0830ET), New home sales (1000ET), Kansas City Fed mfg index (1100ET)
  • Issuance: $15B 10Y TIPS auction re-open (91282CGK1) (1300ET)
  • Bill issuance: $60B 4W, $50B 8W bill auctions (1130ET)
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