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What to Watch

  • Yield curves bear flattening (2s10s -8.586 at -48.450) as regional bank share panic eases slightly. Short end rates underperforming as risk-off support unwound, front month 2Y futures -10 at 103-18.75, 10Y futures at 115-15.
  • Despite the improved risk appetite, trading desks keeping a close eye on bank shares wary given the heavy market volatility since Silicone Valley Bank and Signature Bank collapse two weeks ago.
  • Of note, wires report First–Citizens Bank & Trust Company is acquiring SVB, First Republic Bank (FRC) share rallied over 25% this morning while credit default swaps for Deutsche Bank are narrowing.
  • Limited data Monday with Dallas Fed Mfg. Activity (-10 est vs. -13.5 prior) at 1030ET.
  • US Treasury coupon auctions resume with $42B 2Y note auction (91282CGU9) at 1300ET after $57B 13W, $48B 26W bill auctions at 1130ET.
  • Scheduled Fed speaker at the moment has Fed Gov Jefferson discussing mon-pol (text, Q&A) later this afternoon at 1700ET.

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