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Tsy 2s10s Yield Curve Tops 40.0

US TSYS
Rates trading weaker after the bell, bonds near second half lows, curves inching steeper -- 2s10s tops 40.0 at 40.874 high -- vs. -9.561 inversion two weeks ago.
Light volumes to start the new week (TYM2 less than 770k) with much of Europe out for Easter Monday.
  • Following some early price uncertainty, Tsys came under pressure, extended lows (30YY hit 2.9659%) on rate-lock selling before the broader market knew Morgan Stanley was going to issue $7B over 4 tranches, Wells Fargo a close second with $6.75B over 3 tranches.
  • No react to in-line NAHB housing Market index for April at 77.
  • Resumption of the primary downtrend and an extension of the bearish price sequence of lower lows and lower highs. MA studies also point south and scope is for a move towards 119-04+, Dec 3 2018 low (cont). Key short-term trend resistance is at 123-04, the Mar 31 high.
  • Cross asset trade of note, Gold nearly traded over $2000.0 w/ 1997.63 session high, was back near steady at 1978.0 after FI close. BBG US$ index DXY climbed surged .364 to 100.864 high, crude levels reluctantly gained after Libya oilfield closure/force majeure event after political protests, tempered by reduced demand from China on forced covid lockdowns.
  • The 2-Yr yield is down 0.2bps at 2.4521%, 5-Yr is down 0.2bps at 2.7856%, 10-Yr is up 2.5bps at 2.8527%, and 30-Yr is up 2.8bps at 2.9424%.
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