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Narrower Trading Ranges Ahead Of Ind Prod And Powell

US TSYS

Friday has begun with relative calm in US rate markets in contrast to the preceding session, with fairly narrow trading ranges and modest bear flattening in the curve.

  • Initial weakness mostly reversed in Asia-Pac hours as the BoJ retained its dovish stance, boosting JGBs and global FI alike.
  • The 2-Yr yield is up 5.2bps at 3.1449%, 5-Yr is up 2.2bps at 3.3067%, 10-Yr is up 2.5bps at 3.22%, and 30-Yr is up 3.8bps at 3.2855%.
  • A fairly quiet data/events schedule lies ahead. Fed Chair Powell makes opening remarks at 0845ET at a Fed event on the international role of the dollar (text expected); May industrial production arrives at 0915ET.
  • We'll also likely get an explanation today from KC Fed Pres George for her dovish dissent at this week's FOMC.
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Friday has begun with relative calm in US rate markets in contrast to the preceding session, with fairly narrow trading ranges and modest bear flattening in the curve.

  • Initial weakness mostly reversed in Asia-Pac hours as the BoJ retained its dovish stance, boosting JGBs and global FI alike.
  • The 2-Yr yield is up 5.2bps at 3.1449%, 5-Yr is up 2.2bps at 3.3067%, 10-Yr is up 2.5bps at 3.22%, and 30-Yr is up 3.8bps at 3.2855%.
  • A fairly quiet data/events schedule lies ahead. Fed Chair Powell makes opening remarks at 0845ET at a Fed event on the international role of the dollar (text expected); May industrial production arrives at 0915ET.
  • We'll also likely get an explanation today from KC Fed Pres George for her dovish dissent at this week's FOMC.