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Steeper Ahead Of Heavy Front-End And Belly Issuance

US TSYS
  • Treasuries have seen a solid steepening on the day on the combination of stronger than expected consumer confidence and the market waiting to see how some $139bn of Tsy issuance across the front-end and belly is digested within the next two hours.
  • This reluctance to sell-off at the front-end has seen a fading of WTI futures pushing higher and Minneapolis Fed’s Kashkari (non-voter) saying he doesn’t think anyone has taken rate increases off the table, albeit with him seeing quite low odds of a hike.
  • Cash yields sit between 2.2bp lower (2s) and +3.9bps higher (30s), pivoting after 5s.
  • 2s10s sits at -44bps, having more earnestly pulled away from Friday’s fresh YtD low of -48.3bps.
  • TYM4 at 108-21 off an earlier post-data low of 108-19+ with a key support at 108-15 (May 14 low) somewhat in its sights. Clearance could then open 108-06 (May 3 low). Resistance meanwhile is seen at 109-05+ (50-day EMA).
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