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One-Way Sell-Off To Start Day One Of FOMC Meeting

US TSYS
  • Cash Tsys have seen a one-way sell-off after a late open with a Japan national holiday, potentially buoyed by reports which suggested that the US is studying ways to guarantee all bank deposits. In yield space, we have cleared yesterday’s highs across the curve to leave them within Friday ranges prior to the weekend UBS acquisition of Credit Suisse.
  • 2YY +10.2bp at 4.078%, 5YY +7.0bp at 3.660%, 10YY +4.5bp at 3.530% and 30YY +2.5bp at 3.691%.
  • TYM3 trades 16 ticks lower at 114-19 as it pulls back further from yesterday’s high of 116-24 that had come close to testing key resistance at 116-28+ (Jan 19 high). Instead, it next eyes support at 114-01+ (Mar 17 low). Cumulative volumes are at a more typical 300k after particularly elevated recent sessions.
  • Data: Philly Fed non-mfg Mar (0830ET), Existing home sales Feb (1000ET)
  • Note/bond issuance: US Tsy $12B 20Y Bond re-open (912810TQ1) (1300ET)
  • Bill issuance: US Tsy $34B 52W bill auction (1130ET)
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