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Rates Hold Weaker Range As Equities Make New All-Time Highs

US TSYS SUMMARY
Mildly weaker Tsy futures trading sideways since noon on light volume Friday, TYM1 just over 1M futures after the bell.
  • Largely two-way option related flow keeping the lights on, some moderate pin risk in May 10s, 132.5 strike with 65,527 options coming into the session (41,430 calls, 24,097 puts). Some selling ahead next week's front-ended Tsy auctions (2- and 5Y notes, 13- and 26W bills all on Monday; 2Y FRN and 7Y notes Tuesday) to make way for Wednesday's FOMC.
  • Stocks marched higher with Jun'21 S&P emini futures making new all-time highs in late trade of 4184.75. Upward trajectory all session after decent beat in US PMIs (Markit Services PMI 63.1 (EXP. 61.5, MAR 60.4); FLASH Composite PMI 62.2; (MAR 59.7)) and New homes sales ( +20.7% TO 1.021M SAAR).
  • Otherwise, relative sedate session as markets set sites on next Wednesday's FOMC policy annc.
  • The 2-Yr yield is up 1bps at 0.1575%, 5-Yr is up 2.8bps at 0.818%, 10-Yr is up 2.9bps at 1.5666%, and 30-Yr is up 3.1bps at 2.2491%.
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