Off Lows, Bounce Shallow

A downtick in equity markets, most notably in the Nikkei 225 (which sits ~1% lower on the day, more than unwinding the early gains that were registered), has allowed U.S. Tsys to trade off of lows (e-minis are now lower on the day as well). The previously flagged bear steepening remains in play, with 2s little changed and 30s dealing ~2bp cheaper. T-Notes -0-01+ at 132-18, 0-01+ off lows, after briefly recovering to 131-20.

• There hasn't been much in the way of meaningful macro news to digest (the RBNZ delivered the expected 25bp OCR hike), although newswires have flagged a meeting between U.S. President Biden & business CEOs/leaders at 13:00 Eastern. U.S. Tsy Secretary Yellen will also be in attendance.