- This topic has 3 replies, 2 voices, and was last updated 1 month ago by MoneyNeverSleeps.
- 24 Apr '23 at 8:54 am #57340
U.S. Treasuries just below their early highs with issues in the belly maintaining their early strength. Treasuries lurched higher out of the gate, which returned the 10-yr yield to its 200-day moving average (3.530%) while the 30-yr yield has been pressured back below its 50-day moving average (3.773%).
The higher start was followed by about 90 minutes of sideways trade while recent action has seen a return to highs in all tenors.
Equities are off to a quiet start with the S&P 500 (+0.1%) holding a slight gain.
2-yr: -2 bps to 4.14%
3-yr: -6 bps to 3.84%
5-yr: -4 bps to 3.62%
10-yr: -4 bps to 3.53%
30-yr: -4 bps to 3.74%25 Apr '23 at 8:46 am #57371
Early Bonds: U.S. Treasuries sit on their highs after adding to their initial gains. Treasuries followed their firmly higher open with an immediate extension of gains that has continued through the first two hours of action.
Economic data released overnight showed an uptick in Japan’s BoJ Core CPI, though BoJ Governor Ueda said that it is appropriate to maintain yield curve control policy at this time.
The belly outperformed at the start, and it remains ahead, but all tenors sport solid gains with the 10-yr yield hovering about 25 bps above its April low (3.253%).
Economic data released showed better than expected new home sales in March (actual 683,000; consensus 630,000) and a dip in Consumer Confidence to 101.3 from 104.0 (consensus 104.1).
Equities are off to a weak start with the Nasdaq (-0.9%) trading behind the S&P 500 (-0.7%).
2-yr: -9 bps to 4.02%
3-yr: -12 bps to 3.71%
5-yr: -13 bps to 3.47%
10-yr: -11 bps to 3.41%
30-yr: -9 bps to 3.64%27 Apr '23 at 8:11 am #57461
Early Bonds: Treasury yields sharp turn higher after GDP/Claims data release.
Early selling has driven yields on longer tenors back toward their closing levels from Monday while yields on shorter tenors remain a bit below those levels.
U.S. Treasury will sell $35 bln in 7-yr notes this afternoon.
2-yr: +11 bps to 4.03%
3-yr: +10 bps to 3.77%
5-yr: +7 bps to 3.55%
10-yr: +6 bps to 3.49%
30-yr: +4 bps to 3.73%29 Apr '23 at 2:42 pm #57232KnovaWaveParticipant
U.S. Treasuries closed out April with solid gains across the curve. Gains came about after the Bank of Japan’s first policy statement under Kazuo Ueda
[See the full post at: Bond Traders Weekly Outlook: Treasuries Closed Out April Solidly Across the Curve]
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