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US TSY/RECAP
US TSY/RECAP: Tsys finished lower after trading higher early on. Fed Chair
Powell's inaugural semi-annual MonPol testimony hit the wires. He was upbeat on
the economic outlook for the US and CME Fed Fund futures now price a circa 75%
chance of 3 hikes in 2018.
- As yields moved back from highs sources noted fast money & prop buying in
action before Powell's Q&A.
- Rates reversed their bounce during the Q&A, and made new session lows, with
better real money and bank in the selling long end.
- Heavy futures volume noted ahead June taking top step tomorrow.
- The swap curve continued to flatten, short end gapping wider following another
higher 3M LIBOR fix.
- T-Notes last at 120.14+, 10-Year yields last 2.893%
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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