·Bonds dip, led by longer end, under pressure from firmer stocks
·Moderate volume; 141k 10-year futures trade by 06:21 EST
·June 10s trade 131-25/131-16.5 overnight
·USTs underperforming EGBs by 0.7bp in the 10yr maturity compared to the previous London close.
·10s trade in a range of 1.959% and 1.986% overnight.
·The tactical bias is neutral equally favoring the buying of dips and the selling of strength for the day.
·Look for a range of 2.00% to 1.94% in 10s.
·The strategic bias is flat, but anticipates looking for a selling opportunity ahead of next week’s supply.
·The curve bias entered a 5s/30s steepener at 228 bps.
·14:30 ECRI Weekly index for April 13 (prev 125.7)
·12:00 G20 – Finance ministers and central bankers from the G20 and emerging economies meet on the sidelines of the IMF/World Bank spring meetings. – Washington
·12:00 Housing and Development Secretary Donovan speaks before the National Community Reinvestment Coalition.