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Treasuries Modestly Richer With Powell ECB Panel Ahead

US TSYS
  • Cash Tsys have largely unwound a bid following weak German state inflation and the Chinese province of Anhui going into a Covid-related lockdown, leaving Treasuries only slightly richer on the day.
  • Some of this could have been down to the weakness in German inflation being focused in a temporary travel discount and helped by continued hawkish commentary from Mester in European hours ahead of a ECB panel discussion later on.
  • 2YY -1.2bps at 3.097%, 5YY -2bps at 3.213%, 10YY -1.1bps at 3.160% and 30YY -0.3bps at 3.276%.
  • TYU2 trades 11 ticks higher at 117-01+, above yesterday’s range but still currently well shy of the key short-term resistance defined at 118-08 (Jun 24 high). Volumes are slowed after an above average European session.
  • Fedspeak: Powell (0900ET), Mester (1130ET) with prepared remarks already released – see STIR comment – and then introductory remarks from Bullard (1305ET).
  • Data: Third Q1 print for GDP plus weekly MBA mortgage applications.
  • Bill issuance: US Tsy $30B 119D bill CMB auction (1130ET).
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