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Narrow Range Ahead April FOMC Minutes

US TSYS SUMMARY
With the exception of early morning chop, alternately rallying after the open to session highs after weaker than anticipated April housing starts (1.569M vs. 1.702M est). Tsys sold off soon after to extend session lows -- levels moderated by 10am, trading mixed on narrow range through the close, yield curves steeper after a flatter start. Though dated, focus remains on Apr FOMC minutes out Wednesday.
  • Light overall volumes even with the pick-up in 5- and 10Y June/Sep rolls, TYM1 breaking 880k after the bell. FVM/FVH trades 79,800 from 18.75-19.25, 19.0 last; TYM/TYU 66,100 from 27.5 to 28.5, 28.0 last.
  • Another decent session for corporate issuance at just over $12B, $30.6b since Monday. June quarterly options expire this Friday, generating some two-way hedging flows as accts squared up positions.
  • The 2-Yr yield is down 0.4bps at 0.1491%, 5-Yr is down 1.8bps at 0.8178%, 10-Yr is down 0.9bps at 1.6403%, and 30-Yr is up 0.1bps at 2.3633%.
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