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Yld Curves Bend Steeper

US TSYS SUMMARY
Rates and equities looked to finish out the session weaker Friday, the latter slipping to lows for the week (ESU1 4320.75) before bouncing to appr 4328.0 after the rate close. Tsys weaker for the most part as well, off lows and back near early overnight levels, curves mildly steeper with short end outperforming. Light volume: TYU appr 900k after the bell.
  • Retail sales better than expected -- Tsy futures gapped lower immediately after June R/S came out 0.6% vs. -0.3% estimate -- but rebound to pre-release levels just as quickly as revisions factor in a "wash" w/May to -1.7% from -1.3%. Equities held onto modest gains until midmorning when better selling/positioning ahead weekend pushed levels back to last July 9 levels.
  • Aside from the early data -- pre-weekend position squaring appeared to be main driver, Fed goes into media blackout at midnight, maintaining radio silence in regards to monetary policy through July 29, day after next FOMC.
  • The 2-Yr yield is up 0.2bps at 0.2255%, 5-Yr is up 0.5bps at 0.7798%, 10-Yr is up 0.5bps at 1.3037%, and 30-Yr is up 1.3bps at 1.9335%.
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