Swaps - USD
NFP was surprisingly much stronger than expected, ushering a risk-on move that sees stocks and yields sharply higher. BofA looks at YCC.
There are scant signs of a weekend flight-to-quality bid in USTs so far today, with 10y yields seemingly established above 80bps ahead of NFP.
USTs continued to bear steepen with some seeing both the market and the curve overextended. Dealers preview NFP.
UST yields turned sharply higher in further bear steepening, with 5s30s hitting a high high briefly. 30y spreads widened further. NatWest sees YCC
Long end spread bucked the recent trend and widened against the underlying bear steepening. Sources point to paying flows, 30y and beyond.
USTs are bear steepening as risk on optimism builds. Spreads are mostly tighter as IG parade continues. JPM looks at 20y UST market microstructure.
The Treasury curve continues to steepen as some banks make the link between the move and the Fed's emerging flirtation with YCC.
The steepening furthered to new heights, though the slope flattened compared to yesterday's surge. Swap spreads narrowed on supply-driven flows.
USTs are bear steepening amid a relatively neutral risk tone. Spreads are tighter ahead of a groundswell of IG deals. Citi sees more UST steepening.
Risky assets continue to ignore the world outside. Treasuries are steeper again as banks close flatteners. IG issuance remains strong.