Tsys 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%.