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Tsy Ylds Jump in Lead-Up To FOMC

US TSYS SUMMARY

Treasury futures under pressure all day saw bonds extend session lows through the second half, while recovering slightly after some chunky Block buys in 5s and 10s.
Mixed data, housing robust as consumer confidence climbs to 121.7 from 109.0 prior while Richmond Fed factory index held steady to prior moth at 17.0 -- well off 22.0 estimate. Focus on Wed's FOMC rate annc.

  • Bonds lead midday sell-off, trading desks cited auction set-ups ahead the $62B 7Y auction, rollers in 2s and 5s, fast$ selling 7s. Otherwise rather quiet on the headline front (lull ahead Wed's FOMC, heavy earning slate next week and NFP next week Fri (current median est +900k), though EXXON and JPM planning on re-staffing offices in May and July respectively provides some positive news.
  • Decent $62B 7Y Tsy-note auction (1.306% high yld vs. 1.305% WI). 30YY currently 1.2743% highs -- back near last week Wednesday's highs. Trade volumes rather sedate, however, participants migrating to sidelines ahead Wed's FOMC policy annc.
  • Desks posited large 11k FVM1 Block buy at 123-26.5 (through the 123-26.25 offer at time) may have been first half of legged of steepener as 30Y bonds continue to grind lower. 30YY currently 2.2942% -- puts it back to middle of last week Tue's level; 5YY 0.8829 high puts it back to April 13 mid-session.
  • The 2-Yr yield is up 1.2bps at 0.1798%, 5-Yr is up 5.2bps at 0.8813%, 10-Yr is up 5.7bps at 1.6234%, and 30-Yr is up 5.3bps at 2.2927%.
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