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US TSY FLOWS: Rates have see-sawed steadily lower since the open, at/near lows
after the bell, curves bear steepening amid modest futures volume, TYM just over
1M. Equities near lows after large sell program near midday (SPX -5.5 at
2889.0); US$ index near highs (DXY +.220, 97.166).
- Firmer PPI and claims below 200k for the first time in 50 years helped kick
off rate sales, no love for equities after couple early sell recommendations, RX
and insurance stocks weighed as did rebound in US$. Over 1,100 name sell program
saw SPX futures gap lower/make new session lows ahead noon.
- Long end came under renewed pressure after 30Y bond auction (912810SF6)
tailed, awarded 2.930% rate (3.014% previous) vs. 2.920% WI. Scant deal-tied
flow on day, early swap-tied selling 2s, buying 10s, two-way curve flow.
- On tap for Friday: Import/export price index levels for March; April Michigan
sentiment index; GDP Nowcasts from the NY and St Louis Fed.
- The 2-Yr yield is up 3.3bps at 2.354%, 5-Yr is up 4.4bps at 2.3158%, 10-Yr is
up 3.9bps at 2.5042%, and 30-Yr is up 4.5bps at 2.9375%.