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Twist Flattening Into Start Of FOMC Meeting

US TSYS
  • Cash Tsys see a modest twist flattening after yesterday’s bear steepening, as a re-firming of Fed hike expectations ahead of tomorrow’s FOMC decision supports the front-end whilst long-end yields dip slightly after rising sharply yesterday.
  • 2YY +2.1bps at 2.754%, 5YY +0.0bps at 3.005%, 10YY -1.1bps at 2.967%, 30YY -1.8bps at 3.015%.
  • TYM2 is up just 3 ticks at 118-14 as it largely consolidates yesterday’s move lower, with volumes back at average after a light session with London out. Initial support at the earlier low of 118-04+ whilst key resistance sits at 120-18+ (Apr 27 high).
  • Data: Today’s pick is likely JOLTS for March for further signs of labour market tightness, but we also get finalised durable goods for March plus Wards vehicle sales for April.
  • No issuance until Thu, kicked off by 4W and 8W bills.
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