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Sitting Modestly Richer, With Further Bank Earnings and Tax Collection Data In Focus

US TSYS
  • Cash Tsys trade slightly richer across the curve, with gains coming through European hours after no real cheapening impetus from stronger than expected China Q1 GDP that was muddied by mixed March activity figures.
  • There has however most recently been a slight mover cheaper on strong BofA earnings results for Q1 (FICC trading revenue ex DVA $3.43B vs $2.62B exp) after inline BNY Mellon adj EPS figures ($1.12). GS to follow at 0730ET.
  • Housing data and less so this time Fedspeak headline the regular docket but we'd argue more focus is on daily tax collection later today for 1600ET (see here and here on the latter).
  • 2YY -2.7bp at 4.167%, 5YY -2.1bp at 3.677%, 10YY -1.5bp at 3.585% and 30YY -1.0bp at 3.801%.
  • TYM3 trades just two ticks higher at 114-13+, having touched yesterday’s joint low of 114-08 and stopped just shy of a key support at 114-07 (Mar 29/30 low).
  • Data: Building permits/housing starts Mar (0830ET), NY Fed Services business index Apr (0830ET)
  • Fedspeak: Bostic CNBC interview (1100ET), Gov Bowman on digital currencies (1300ET).
  • Bill issuance: US Tsy $34B 52W bill auction (1130ET)
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