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Risk-On Even Before Strong Housing Data

US TSYS SUMMARY
Weaker across the curve all session, Tsy futures holding near middle session range, yield curves see-sawed to flatter levels after the close, equities new highs (ESM1 4180.)
  • Risk-on after strong data: housing starts (1.457M) and permissions (1.720M) both beat expectations, with Tsy futures making new lows, 10YY tapped 1.5957% high vs. 1.5728% currently. Sources noted real$ and fast$ sold 5s and 10s early on, bank selling 30s, prop 2-way in 5s.
  • Moderate two-way positioning ensued as accts looked to square up ahead weekend and lack of data until Thursday next week, Fed enters media blackout at midnight through April 29.
  • Large $15B Bank of America 6pt jumbo debt issuance launched late, rounding out heavy week of issuance from GSIBs ($13B JPM, $6B GS, $8B World Bank, $4.25B IADB, $2.25B BNP Paribas).
  • No react to to Fed Gov Waller comments "FED'S DOT PLOT OF FORECASTS ON RATES ISN'T HELPING US" Bbg mirrored Fed Chair on Wed: mkt places too much importance on dot-plot, stresses outcomes / goals need to be met: labor market recovery, inflation stable at 2% (not temporary), moving above 2%.
  • The 2-Yr yield is up 0.2bps at 0.1612%, 5-Yr is up 0bps at 0.8178%, 10-Yr is down 0.7bps at 1.5693%, and 30-Yr is down 1bps at 2.2595%.
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