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Treasuries Surge As Credit Suisse, European Banks Under Pressure

US TSYS
  • Cash Tsys have reversed earlier session cheapening with a significant 35bp intraday rally in 2Y yields for now down -18bps at 4.07% as Fed pricing continues to slide (now just 21bps of cumulative hikes priced for May peak). Moves are seen across the curve though, with 13-18bps rallies across benchmarks in spillover from European banks sliding, with CS earlier down 21% for its most on record with BNP and SocGen also under pressure. There’s still a heavy US data docket to come.
  • 2YY -18.4bps at 4.062%, 5YY -17.7bps at 3.678%, 10YY -15.4bps at 3.535% and 30YY -12.5bps at 3.679%.
  • TYM3 trades 23+ ticks higher at 114-19 (session high 114-20+) as volumes surge, moving closer to Monday’s high of 115-13. A sustained push higher could open the round 116-00.
  • Data: PPI Feb (0830ET), Retail sales Feb (0830ET), Empire mfg index Mar (0830ET), NAHB housing index Mar (1000ET), business inventories Jan (1000ET) and TIC flows Jan (1600ET) plus usual weekly MBA mortgage data (0700ET).
  • Bill issuance: US Tsy $36B 17W bill auction – 1130ET
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