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CROSS ASSET

Nothing In The Way Of Notable Reaction To Chinese Data

US TSY OPTIONS

TYZ1 130.00 Puts Blocked

US TSYS

Edging Away From Lows

Rates Mirror Equities

US TSYS SUMMARY
Rates tracked equities higher in early trade Monday, no obvious driver at play on a light data week opener.
  • Heavy volumes on net tied to pick-up in June/Sep quarterly rolling ahead Friday's first notice date. Take away the roll volume and June 10Y futures traded just over 1M. 5Y roll outpaced 10s with over 1.1M by the close.
  • Data picks up as week progresses, Tuesday focus on a slew of Fed speakers, more housing data, consumer confidence and 2Y Note auction.
  • Short FI/FX session Friday ahead extended Memorial Holiday weekend with markets closed Monday.
  • The 2-Yr yield is down 0.2bps at 0.1513%, 5-Yr is down 1.5bps at 0.8066%, 10-Yr is down 1.5bps at 1.6063%, and 30-Yr is down 1.4bps at 2.304%