Free Trial

Post OPEC+ Bear Flattening, ISM Mfg Headlines Docket

  • Cash Tsys are off lows but have nevertheless seen a solid bear flattening after a significant rally into Friday’s close with month/quarter end. The net cheapening pressure came from the overnight surprise OPEC+ cut announcement with Fed rate expectations continuing to increase and drag the yield curve higher.
  • 2YY +6.4bp at 4.090%, 5YY +5.5bp at 3.628%, 10YY +4.3bp at 3.511% and 30YY +4.5bp at 3.695%.
  • TYM3 trades 5+ ticks lower at 114-24 on more typical volumes a little under 300k. It remains within resistance at 115-07+ (Mar 28 high) and support at the 20-day EMA of 114-09+.
  • Data: S&P Global US mfg PMI Mar final (0945ET), ISM mfg Mar (1000ET), Construction spending Feb (1000ET). ISM headlines after mixed indicators, with the MNI Chicago PMI pointing to a broadly similar print, S&P PMI showing upside and regional Fed surveys downside.
  • Fedspeak: Gov Cook on mon pol (1615ET, moderated Q&A no text)
  • Bill issuance: US Tsy $57B 13W, $48B 26W Bill auctions (1130ET)

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.