(USTs lower on light volumes w/20s OUTperforming...) while WE slept; are rates followin' USD? (who cares, it's gonna be messy and good for stocks); update on the 'bible' (2s5s)
(USTs lower on light volumes w/20s OUTperforming...) while WE slept; are rates followin' USD? (who cares, it's gonna be messy and good for stocks); update on the 'bible' (2s5s)
thebondbeat.substack.com
Good morning … … here is a snapshot OF USTs as of 705a: … HERE is what same shop says be behind the price action overnight… … WHILE YOU SLEPT Treasuries are lower with the 20yr sector outperforming on curve (10s20s30s -1.8bp) with the Gilt market appearing to be leading Treasuries and Bunds to higher rates this morning. JGB's also sold off after Japan's CPI (+3.6% YoY) printed a 4-decade high while ECB's Lagarde waxed hawkishly today too (see link above). DXY is higher (+0.75%) while front WTI futures are modestly lower (-0.5%). Asian stocks were little changed, on balance, EU and UK share markets are higher (SX5E +1.45%) while ES futures are showing +0.8% here at 7:15am. Our overnight US rates flows saw another quiet Asian session to end the week with our desk seeing Fast$ selling in the long-end alongside interest to steepen the curve. Overnight Treasury volume was ~80% of average overall.
(USTs lower on light volumes w/20s OUTperforming...) while WE slept; are rates followin' USD? (who cares, it's gonna be messy and good for stocks); update on the 'bible' (2s5s)
(USTs lower on light volumes w/20s…
(USTs lower on light volumes w/20s OUTperforming...) while WE slept; are rates followin' USD? (who cares, it's gonna be messy and good for stocks); update on the 'bible' (2s5s)
Good morning … … here is a snapshot OF USTs as of 705a: … HERE is what same shop says be behind the price action overnight… … WHILE YOU SLEPT Treasuries are lower with the 20yr sector outperforming on curve (10s20s30s -1.8bp) with the Gilt market appearing to be leading Treasuries and Bunds to higher rates this morning. JGB's also sold off after Japan's CPI (+3.6% YoY) printed a 4-decade high while ECB's Lagarde waxed hawkishly today too (see link above). DXY is higher (+0.75%) while front WTI futures are modestly lower (-0.5%). Asian stocks were little changed, on balance, EU and UK share markets are higher (SX5E +1.45%) while ES futures are showing +0.8% here at 7:15am. Our overnight US rates flows saw another quiet Asian session to end the week with our desk seeing Fast$ selling in the long-end alongside interest to steepen the curve. Overnight Treasury volume was ~80% of average overall.