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Reversing Overnight Weakness, PMIs / New Home Sales Eyed

US TSYS SUMMARY

Treasuries have bounced from overnight lows in European trade Friday but remain off Asia-Pac highs, all the while well within Thursday's ranges. A light schedule lies ahead.

  • Jun 10-Yr futures (TY) up 2.5/32 at 132-20 (L: 132-13.5/ H: 132-21), on light volumes (~230k).
  • We saw a bit of a dip on strong French flash PMIs and a bounce from lows on a miss on the German reading in sympathy with Bunds, all in the space of about 15 minutes (0315-0330ET). TYs have been rising steadily since then.
  • The 2-Yr yield is up 0.2bps at 0.1493%, 5-Yr is up 0.2bps at 0.7921%, 10-Yr is up 0.6bps at 1.5437%, and 30-Yr is up 1.2bps at 2.2301%.
  • Equity futures have stabilized following Thursday's reports that the Biden administration could pursue capital gains tax hikes. Attention has already turned to how serious the White House is about these proposals and whether there's sufficient Dem support for passage.
  • Flash April PMIs (0945ET) and Mar new home sales (1000ET) comprise the conclusion to the week's limited data slate.
  • No supply. NY Fed buys ~$2.425B of 1-7.5Y TIPS.
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