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Weak ISM data has kept the UST ally alive with yields cascading lower yet again today. BofA sees front-end dislocations dissipating.

With new issuance supply and market liquidity drying up faster than the Aral Sea, volatility remains the name of the game. Will ISM add to it?

With all the card stacked against it today, BEs continued falling into the bear steepening abyss today with little aid from month-end index demand.

Weak consumer spending data has sparked recession fears again with USTs bid amid FTQ demand. Citi sees rich SOFR remaining for months ahead.

BEs remained under bear steepening pressure, extending their recent rout as rebalancing flows continue to pressure TIPS.

USTs rallied further this afternoon as the month end buying appeared to have an early start. Swap spreads widened in a low volume trade.

The ULC cheapened up as much as 9 normals today, leaving bids scurrying. Some wonder if more cheapening is in store. Deutsche sees a ULC conundrum.

USTs have shifted back into rally mode against various crosscurrents. Barclays maintains 2s30s SOFR spread curve wideners.

USTs and Bunds have pared early gains after hawkish central bank comments. Meanwhile banks suggest fading the front end's dislocation.

Risk-off sentiment once again hits BEs with valuations now looking attractive at the front-end to some.

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