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Treasuries Muted As They Consolidate Y'day Cheapening

US TSYS
  • A relatively muted European session for Tsys where the focus has been on EGBs seeing a growth positive tilt. Cash Tsys cheapen slightly on the day across most of the curve but still sit a little off yesterday’s lows seen after a strong US ISM and a hawkish BOC at the same time.
  • Barkin, Bullard and Daly all pushed back on recession fears yesterday and data releases come thick and fast to continue testing that, including ADP employment as well as finalised ULCs/productivity for Q1 and durable goods orders for April before tomorrow’s nonfarm payrolls and service ISM for May.
  • In yield space, 2YY +1.0bps at 2.652%, 5YY +1.2bps at 2.928%, 10YY +0.7bps at 2.913% and 30YY +0.1bps at 3.057%.
  • TYU2 sits 3+ ticks higher at 118-24 on soft volumes with the UK bank holiday. It’s trading at this week’s lows, with support eyed at 118-16+ (May 23 low) after which it could open a key support at 118-01+ (May 18 low).
  • Fedspeak: Brainard, Logan and Mester all speak today.
  • Bill issuance: US Tsy $35B 4W, $30B 8W bill auctions (1130ET).
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