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What to Watch

US TSYS
  • Treasury futures still trading moderately weaker but off recent lows (TYM3 currently 115-07.5 vs. 115-02.5 low), yield curves mildly steeper (2s10s +1.126 at -54.513) with the short end outperforming (TUM3 -1.75 at 103-10.62).
  • No particular headline or Block driver for the initial sell-off, though incoming corporate debt issuance may be a factor as market trades thin on light volumes (TYM3<330k) heading into the Easter holiday.
  • Second tier data scheduled for 1000ET release includes JOLTS, Factory Orders, Durables and Cap Goods Orders.
  • Scheduled Fed speakers later this afternoon includes Fed Gov Cook intro remarks career conference at 1330ET followed by Boston Fed Collins moderated discussion on careers in economics at 13445ET. Later this evening Cleveland Fed Mester, speaks to NY Money Markets at 1815ET.

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