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Reversal Of Yesterday's Cheapening Ahead Of Earnings, Fedspeak and Data

US TSYS
  • In the opposite of yesterday’s European led cheapening, cash Tsys have rallied through European hours to move than offset the move higher in yields, although headline drivers have been less clear today. However, after some paring of earlier gains in EU FI, front end Treasuries currently outperform. Ahead, sizeable company earnings still due before market before data and then a heavy schedule for Fedspeak later on.
  • Updated late yesterday, April tax collection data so far are basically in the middle-to-low end of expectations, which maintains ambiguity over whether an "x-date" for Treasury will arrive in early June or later.
  • 2YY -4.8bp at 4.195%, 5YY -4.4bp at 3.658%, 10YY -3.6bp at 3.555% and 30YY -2.8bp at 3.759%
  • TYM3 trades 12 ticks higher at 114-18 off a high of 114-20+ although the bear threat is seen remaining with support at 113-30+ (Apr 19 low). Volumes are in line with the recent average albeit relatively subdued at 250k.
  • Data: Weekly jobless claims (0830ET), Philly Fed business outlook Apr (0830ET), Existing home sales Mar (1000ET) and Leading index Mar (1000ET)
  • Fedspeak: Waller (1200ET), Mester (1220ET), Bowman (1500ET), Logan (1500ET), Bostic (1700ET), Harker (1945ET).
  • Note/bond issuance: US Tsy $21B 5Y TIPS auction (91282CGW5) – 1300ET
  • Bill issuance: US Tsy $50B 4W, $45B 8W bill auctions - 1130ET
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