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Modestly Richer, 3Y Supply And Kashkari Headline A Thin Docket

US TSYS
  • Treasuries trade modestly richer after yesterday’s late open for May holidays, underperforming a larger rally in European space on little by way of headline drivers.
  • Cash yields trade 2-3bp lower, with most tenors holding within Friday’s post-payrolls snap lower except for 30Y yields which have broken lower.
  • TYM4 at 109-01 (+ 04+) is off an earlier high of 109-03 on above average volumes of 320k. It’s close to channel resistance at 109-08+ (50-day EMA) and the post-payrolls 109-09+, whilst support is seen at 108-13 (20-day EMA).
  • Today’s focus is on commentary from Kashkari either side of 3Y supply after April’s circa 2bp tail and the highest primary dealer take since Dec.
  • Data: Consumer credit Mar (1500ET)
  • Fedspeak: Kashkari fireside chat at Milken Institute conference (1130ET), Kashkari Bbg TV (1320ET)
  • Note/bond issuance: US Tsy $58B 3Y Note auction - 91282CKR1 (1300ET)
  • Bill issuance: 1130 US Tsy $75B 42D CMB bill auction (1130ET)
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