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Yields Lower After Downward Revisions To ULCs, Awaiting Non-Farm Payrolls

US TSYS

TYU3 is currently trading at 114-23+, unchanged from NY closing levels, in early Asia-Pac trade.

  • Cash tsy yields declined 5-7bp across the benchmarks ahead of US Non-Farm Payrolls late today. US tsys finished near their NY session bests after a volatile first half. Stronger-than-expected ADP private employment data saw yields move higher before lower-than-expected unit labour costs (4.2% vs. 6.2%) delivered a quick reversal.
  • Fed speak proved mixed ahead Blackout at midnight Friday. Non-voter StL Fed Pres Bullard commented on the need for further hikes, while Philly Fed Harker reiterated his dovish comments from Wednesday.
  • FOMC rate hike expectations cooled with about 6bp priced in for June and 16bp by July. The move was assisted by weaker ISM Prices Paid which built on the downward revisions to ULCs for Q1 and Q4.
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