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Free AccessTsys extended late session lows........>
US TSY FLOWS: Tsys extended late session lows heading into the closing bell,
long end leading, yld curves bear steepening on relatively ordered trade even
after the record April job loss of -20.5M that is better est's of -22.0M,
weakest employ/population ratio of 51.3%, while avg hourly earnings jumped 4.7%
as low wage workers disproportionately affected.
- Analysts will look back on today and wonder How did Tsys sell-off and equities
manage to continue to gain despite the record loss in jobs?!? Perhaps a more
striking figure is the employ-to-population ratio: just over 50% of the entire
US population (51.3%) was employed in April (previous = 60%, lows in 1950s were
in 55% area, peaked in 2000 at 64.7%)!
- Eurodollar futures were weaker, support started to evaporate after noon as
equities remained firm (ESM0 +36 after the FI close, DJIA +375.0). Note, support
in 2021 Fed funds futures strip also evaporated late, FFF1-FFH1 dipping below
100.00 as negative rate chatter cools going into the weekend. The 2-Yr yield is
up 1.6bps at 0.1548%, 5-Yr is up 2.2bps at 0.3274%, 10-Yr is up 4.1bps at
0.6815%, and 30-Yr is up 5.6bps at 1.3852%.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.