Narrow Restart In Final Asia Session Of The Week

T-Notes operating around NY closing levels, -0-01+ at 135-26.

• The space weakened on Thursday, with the curve bear steepening as 30s cheapened by ~4.5bp on the day, with disappointing weekly jobless claims data flipping the script back to the weak data = need for deeper fiscal stimulus narrative.
• Desks suggested that real money accounts stepped in to buy 10s with equities on the defensive as real yields moved higher, although equities did recover into the close. Both 10s and 30s failed to break through their respective cycle highs. A late block buyer in USH1 helped support the long end into the close.
• The latest round of 30-Year TIPS supply drew a wide tail, although the takedown metrics weren't nearly as soft.
• There is little in the way of tier 1 headline risk slated for Asia-Pac hours.