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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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TYM2 trades +0-06 at 126-06+ following reports that Russia has attacked a Ukrainian facility that contains an experimental nuclear reactor, with a nearby hostel catching fire.

  • To recap, a hawkish ECB decision pressured the U.S. Tsy complex on Thursday, with the Bank revealing an unexpected hastening when it comes to its QE wind down. An in line with. exp. U.S. CPI print briefly stalled the sell off, before the move extended through to the early U.S. afternoon. Note that 2-, 3-, 20- & 30-Year yields tagged fresh YtD highs, before a well-received round of 30-Year supply allowed Tsys to finish off of intraday cheaps. That left the major cash Tsy benchmarks 1.5-5.5bp cheaper come the bell, with 7s leading the move lower, while 2s lagged.
  • In terms of auction specifics, 30-Year Tsy supply stopped through WI by ~2.4bp, with the cover ratio moving above the recent average as dealer takedown tumbled to record lows.
  • There isn’t much in the way of meaningful macro risk events scheduled during Friday’s session, with UoM sentiment data headlining during NY hours on Friday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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