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Risk-On Led Bear Flattening With Solid Docket Ahead

US TSYS
  • Cash Tsys see a decent bear flattening on risk-on sentiment spurred overnight by rescinding Chinese covid concerns and an easing of restrictions in Hong Kong, with the move receiving a further boost as the US comes in.
  • 2YY +5.2bps at 2.622%, 5YY +4.3bps at 2.869%, 10YY +2.9bps at 2.911% and 30YY +1.6bps at 3.114%. 2Y yields remain 23bps below cycle highs of 2.85%.
  • TYM2 trades 10 ticks lower at 119-11+ after another overnight session of below average volumes. It sits within yesterday’s range and doesn’t trouble technicals with support at 118-03+ (May 11 low) or resistance at 120-01 (Apr 28 high).
  • Fedspeak: Bullard (’22 voter) at 0800ET, Harker (’23) at 0915ET, Kashkari (’23) at 1230ET, Powell (chair) at 1400ET, Mester (’22) at 1430ET and Evans (’23) late at 1845ET.
  • Data: Retail sales at 0830ET, IP and Cap Util at 0915ET and NAHB housing market index & business inventories at 1000ET.
  • Bill issuance: US Tsy $34B 52W bill auction (1130ET)
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