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Trend Needle Still Points North


Trend Remains Down


Near-Term Fed Hikes Resilient But 2023 Rates Slide

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US TSY FLOWS: Relatively quiet session, Tsys see-sawed on inside range session,
moderate volumes w/TYM under 1M after the bell, yld curves flatter with long end
- No tail event headlines into lead-up or during the session, weekly claims
slightly better than expected (?!). When is over 4M weekly jobless claims a
positive read? When compared to more dire estimates as Tsy futures came under
mild sell pressure after latest claims number (4.27M), while equities turned
- Rates surged higher little after 0930ET when Nikkei reported BOJ will discuss
unlimited bond buying at its next meeting, while doubling the purchases of
corporate instruments -- knock on bid in Tsys ensued w/rates see-sawing in
narrow range through the close.
- Corporate debt picked up, issuers off the sidelines to take advantage of the
relative calm, $6.5B Wells Fargo 2pt priced late.
- The 2-Yr yield is up 0.4bps at 0.2171%, 5-Yr is down 0.3bps at 0.3641%, 10-Yr
is down 1.8bps at 0.6015%, and 30-Yr is down 3.5bps at 1.1798%.

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