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Treasuries Twist Flatten Ahead Of ECB

US TSYS
  • Cash Tsys have seen a mild twist flattening, in part following Shanghai’s announcement of a partial lockdown in a district for mass testing with the usual higher inflation and lower growth implications.
  • The impact has been subdued with the ECB policy decision ahead plus low cases elsewhere in China but is another remember of the ripples that can continue to follow from China’s zero Covid policy, with 5-30Y tenors now hovering above 3%.
  • 2YY +0.4bps at 2.778%, 5YY -0.5bps at 3.025%, 10YY -1.5bps at 3.007% and 30YY -1.9bps at 3.153%.
  • TYU2 sits 3 ticks higher at 118-05+, well within yesterday’s range on marginally above average volumes. The outlook is still seen as bearish, with support eyed at 117-22+ (Jun 7 low) whilst resistance remains 119-16+ (Jun 1 high).
  • Data: Limited to weekly jobless claims and then Q1 household net worth later on.
  • Bond Issuance: US Tsy $19B 30Y Bond auction re-open (912810TG3) – 1300ET
  • Bill issuance: US Tsy $35B 4W, $30B 8W bill auctions – 1130ET
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