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Treasuries Rally After 2YY Approaching 5% Attracts Demand

US TSYS
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  • Treasuries have rallied with outright yield levels attracting demand after 2s drifted back towards 5% after hotter than expected UK CPI (they topped out at 5.006% yesterday).
  • It sees 2Y yields currently back at 4.956% (-3.1bp) with yields down 1-3.5bps across the curve. The long end lags, perhaps aided by 20Y supply later on and after a strong steepening earlier in the week with 2s10s still at -31bps.
  • TYM4 trades at 107-25 (+ 03+) after another overnight session with heavy volumes, summing to 455k at typing.
  • Bears remain in the driver’s seat with support at yesterday’s fresh low of 107-13+ after which lies 107-07+ (Fibo projections).
  • Data: MBA mortgage data, Apr 12 (0700ET), TIC Flows Feb (1600ET)
  • Fedspeak: Beige Book (1400ET), Mester (1730ET), Bowman (1915ET)
  • Note/bond issuance: US Tsy $13B 20Y Bond auction re-open (1300ET). Last month's 20Y saw a rare strong auction but Thursday's 30Y saw its first tail in five auctions.
  • Bill issuance: US Tsy $60B 17W Bill auction (1130ET)
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  • Treasuries have rallied with outright yield levels attracting demand after 2s drifted back towards 5% after hotter than expected UK CPI (they topped out at 5.006% yesterday).
  • It sees 2Y yields currently back at 4.956% (-3.1bp) with yields down 1-3.5bps across the curve. The long end lags, perhaps aided by 20Y supply later on and after a strong steepening earlier in the week with 2s10s still at -31bps.
  • TYM4 trades at 107-25 (+ 03+) after another overnight session with heavy volumes, summing to 455k at typing.
  • Bears remain in the driver’s seat with support at yesterday’s fresh low of 107-13+ after which lies 107-07+ (Fibo projections).
  • Data: MBA mortgage data, Apr 12 (0700ET), TIC Flows Feb (1600ET)
  • Fedspeak: Beige Book (1400ET), Mester (1730ET), Bowman (1915ET)
  • Note/bond issuance: US Tsy $13B 20Y Bond auction re-open (1300ET). Last month's 20Y saw a rare strong auction but Thursday's 30Y saw its first tail in five auctions.
  • Bill issuance: US Tsy $60B 17W Bill auction (1130ET)