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Treasuries Rally On Softer Growth Outlook, 2Y Auction Later

US TSYS
  • Renewed growth concerns set the tone in early trade, instigated by further worry on Chinese growth overnight before being compounded by weak European PMIs and more recently Beijing looking to strengthen covid controls among essential workers.
  • The net impact sees cash Tsys rally broadly across the curve after yesterday’s bear steepening, with 2YY -3.7bps at 2.583%, 5YY -4.3bps at 2.825%, 10YY -3.6bps at 2.815% and 30YY -2.4bps at 3.028%.
  • TYM2 sits 11 ticks higher on the day, well within the range of the past three days. Short-term gains are still considered corrective, with resistance still eyed at 120-10 (May 19 high) and support at 118-16 (May 18 low).
  • Fedspeak: Chair Powell at 1220ET with pre-recorded video remarks at an economic summit.
  • Data: The highlight is likely the preliminary May S&P Global PMI at 0945ET but also receive Richmond Fed Mfg Index and New Home Sales.
  • Bond issuance: US Tsy $47B 2Y note auction (91282CER8) – 1300ET
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