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Treasuries Rally As Bund Spillover Trumps Relative Covid Optimism

US TSYS
  • The opposite to the start of yesterday’s session, Treasuries cheapened through Asia-Pac hours on optimism surrounding the Chinese Covid situation before seeing a bid in spillover from weaker than expected German state CPI inflation pointing to a miss for the upcoming national print.
  • 2YY -0.2bps at 4.436%, 5YY -2.1bps at 3.854%, 10YY -2.2bps at 3.659%, and 30YY -0.6bps at 3.715%.
  • TYH3 now takes the front month with higher volumes than the Dec contract. It trades 9+ ticks higher at 113-17+, in the middle of yesterday’s range, the top end of which provides initial resistance at 113-27 whilst support is seen at the 50-day EMA of 112-24.
  • Data: Second tier releases with FHFA and S&P CoreLogic house prices plus Conference Board consumer confidence.
  • Bill issuance: US to sell $34B 52-W bills – 1130ET
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