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EURCHF hits lowest level since March

US TSYS

Repo Reference Rates

US TSY FUTURES

BLOCK, More Short End Sales

COPPER TECHS

(U2) Downtrend Extends

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What to Watch: UofM Sentiment, New Home Sales, Fed Speak

MARKET INSIGHT
BulletMarketsFixed IncomeForeign Exchange
Tsy yields recede from late overnight highs slightly after the bell, 30YY 3.2321% +.0325 vs. 3.2459% high, while yield curves inch flatter after couple rounds of 2Y block sales (2s10s -3.012 at 3.388).
  • Stocks holding modest overnight gains, ESU2 +27.25 at 3827.0; Crude higher (WTI +2.15 at 106.42); Gold reverses course, now mildly weaker at 1822.50.
  • Fed speakers: StL Fed Bullard spoke at UBS event in Zurich earlier on recession worries: unprecedented situation, models not going to give a clear picture. not seeing recession in personal consumption. Consumers flush w/ $3.5T in covid aid, appr 10% GDP sitting idle, expect people to get out in second/third quarter spend other than consumption. Repeats interest in front loading rate hikes to "slow down to a trend pace of growth as opposed to below trend."
    • SF Fed Daly Fox Business interview, 1315ET
    • SF Fed Daly, Shadow open market committee conf, text/Q&A tba, 1600ET
  • Economic data at 1000ET:
    • U. of Mich. Sentiment (50.2, 50.2)
    • U. of Mich. Current Conditions (55.4, 55.4)
    • U. of Mich. Expectations (46.8, --)
    • New Home Sales (591k, 590k); MoM (-16.6%, -0.2%)
  • Geopol: Wires reporting that German Chancellor Olaf Scholz and US President Joe Biden will hold bilateral talks in advance of the upcoming G7 leaders' summit in Schloss Elmau in the Bavarian Alps.
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Tsy yields recede from late overnight highs slightly after the bell, 30YY 3.2321% +.0325 vs. 3.2459% high, while yield curves inch flatter after couple rounds of 2Y block sales (2s10s -3.012 at 3.388).
  • Stocks holding modest overnight gains, ESU2 +27.25 at 3827.0; Crude higher (WTI +2.15 at 106.42); Gold reverses course, now mildly weaker at 1822.50.
  • Fed speakers: StL Fed Bullard spoke at UBS event in Zurich earlier on recession worries: unprecedented situation, models not going to give a clear picture. not seeing recession in personal consumption. Consumers flush w/ $3.5T in covid aid, appr 10% GDP sitting idle, expect people to get out in second/third quarter spend other than consumption. Repeats interest in front loading rate hikes to "slow down to a trend pace of growth as opposed to below trend."
    • SF Fed Daly Fox Business interview, 1315ET
    • SF Fed Daly, Shadow open market committee conf, text/Q&A tba, 1600ET
  • Economic data at 1000ET:
    • U. of Mich. Sentiment (50.2, 50.2)
    • U. of Mich. Current Conditions (55.4, 55.4)
    • U. of Mich. Expectations (46.8, --)
    • New Home Sales (591k, 590k); MoM (-16.6%, -0.2%)
  • Geopol: Wires reporting that German Chancellor Olaf Scholz and US President Joe Biden will hold bilateral talks in advance of the upcoming G7 leaders' summit in Schloss Elmau in the Bavarian Alps.