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Post-Data Bounce, Philly-Fed Miss

US TSY FUTURES

Tsys bounce off early session lows following weaker than exp Philly Fed Mfg index of -19.4 vs. -6.0 exp. Housing Starts and Permits little stronger than expected (1.425m vs. 1.411m est; 1.526M vs. 1.515M est).
Yield curves pare steepening w/rates still weaker in early trade:

  • 3M10Y +4.04, -50.126 (L: -59.304 / H: -47.676)
  • 2Y10Y +0.51, -66.418 (L: -67.929 / H: -62.993)
  • 2Y30Y -1.282, -53.247 (L: -54.172 / H: -48.419)
  • 5Y30Y -1.025, -2.446 (L: -4.018 / H: 0.159)

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