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Curve Bull-Flattening Rally Extends


NatWest: Connecting The Dots


Soft Energy Drags S&P, Dow Lower


TD: Walking The Taper Talk

US TSYS SUMMARY: Tsys trading mildly weaker, near low end narrow overnight
range, decent futures volume (TYU>350K) on choppy overnight trade. Decoupling
from weaker US$, wider sov spds (BTP/Bund leads amid rumors fin min would
resign, later denied). US Pres Trump "ready" w/additional tariffs on $500B
Chinese goods backstopped rates & weighed on equities. Light data day, StL Fed
Pres Bullard on MonPol (0820ET), media blackout Sat.
- US$ index weaker: DXY -0.126 to 95.038 (95.280H/94.981L); US$/Yen -.12 to
112.35 (112.62H/112.21L); equities weaker (emini -4.0, 2801.25); gold mildly
higher (XAU +1.50, 1224.40); West Texas crude little firmer (WTI +0.42, 69.88).
- Asia, decent two-way from fx- and prop accts early overnight, carry over from
late Thu trade when comments from Trump expressing displeasure on rising rates
sent US$ reeling. Better selling in intermediates carried over to London hours,
light bank portfolio steepeners. Swap spds mixed, spd curve flatter, decent rate
receiving in 2s (2.83%) and 5s (2.8925%) fading move.
- Tsy cash/ylds: 2Y 99-26.25 (2.591%), 5Y 99-14.75 (2.741%), 10Y 100-07
(2.847%), 30Y 103-01.5 (2.969%).
MNI Chicago Bureau | +1 312-431-0089 |