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Post-Data Update, Bonds Extending Lows, PFizer 8Pt Jumbo Weighing

US TSYS
  • Treasury bond futures are extending post-data lows, USM3 taps 129-01 ((-24), yield taps 3.8802% high in the last couple minutes.
  • Curves bear steepening with short end outperforming at the moment, 2s10s +1.735 at -49.538.
  • Aside from data, incoming corporate issuance adding pressure to rates, rate lock sales ahead Pfizer 8-tranche jumbo estimated between $25-30B expected today. Details shortly.

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