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Overnight Gains Reversed Ahead Of A Key Session

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  • Treasuries have reversed overnight gains with European holidays thinning early volumes ahead of a key session.
  • Cash yields sit between roughly unchanged to 1bp higher on the day, with 2s10s at -34.3bps within recent ranges.
  • TYM4 sits at yesterday’s joint lows of 107-12+ on low volumes that are yet to breach 200k. The trend needle points south with support seen at 107-04 (Apr 25 low) after which lie Fibo projections starting with 106-27.
  • Today sees the FOMC decision, Treasury’s quarterly refunding announcement, labor data ahead of Friday’s payrolls release and ISM manufacturing after yesterday’s slide in the MNI Chicago PMI.
  • Fed: FOMC decision (1400ET) and press conference (1430ET) - PREVIEW HERE.
  • Data: Weekly MBA data (0700ET), ADP employment Apr (0815ET), S&P Global US mfg PMI Apr final (0945ET), JOLTS Mar (1000ET), Construction spending Mar (1000ET), ISM mfg Apr (1000ET)
  • Treasury: Quarterly refunding announcement (0830ET) – PREVIEW HERE.
  • Bill issuance: US Tsy 17W Bill auction (1130ET)
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  • Treasuries have reversed overnight gains with European holidays thinning early volumes ahead of a key session.
  • Cash yields sit between roughly unchanged to 1bp higher on the day, with 2s10s at -34.3bps within recent ranges.
  • TYM4 sits at yesterday’s joint lows of 107-12+ on low volumes that are yet to breach 200k. The trend needle points south with support seen at 107-04 (Apr 25 low) after which lie Fibo projections starting with 106-27.
  • Today sees the FOMC decision, Treasury’s quarterly refunding announcement, labor data ahead of Friday’s payrolls release and ISM manufacturing after yesterday’s slide in the MNI Chicago PMI.
  • Fed: FOMC decision (1400ET) and press conference (1430ET) - PREVIEW HERE.
  • Data: Weekly MBA data (0700ET), ADP employment Apr (0815ET), S&P Global US mfg PMI Apr final (0945ET), JOLTS Mar (1000ET), Construction spending Mar (1000ET), ISM mfg Apr (1000ET)
  • Treasury: Quarterly refunding announcement (0830ET) – PREVIEW HERE.
  • Bill issuance: US Tsy 17W Bill auction (1130ET)