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Pulling Back After Testing New Yield Highs

US TSYS
  • Cash Tsys have rallied mostly from the open yet remain a little cheaper from Friday’s close.
  • 2Y yields are +0.4bps at 0.866%, 5Y +1.2bps at 1.510%, 10Y +1.1bps at 1.773% and 30Y +1.1bps at 2.127%. The 2s, 5s and 10s have all pulled back from pandemic era highs earlier in the session.
  • TYH2 is one tick lower at 128-08 having rallied after touching a new low of 127-30. There are various supports around these levels including 128-08 (=1.78% yields) and 128-05 (1.618 proj of the Dec 20-29-31 price swing), but if it tests 127-30 again, it could open 127-18+ (2.00 proj of the Dec 20-29-31 price swing).
  • No Fed speak today and the only data is for wholesale inventories/trade. Data focus firmly on CPI on Wed.
  • NY Fed buy-op: Tsy 7Y-10Y, appr $2.425B (1030ET).
  • Tsy issuance: $60B 13W and $51B 26W bill auctions (1130ET).
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