T-notes finished trade today relatively flat after an ECB inspired volatile trading session. Buying in the belly has been evident and curve steepening following flattening yesterday heading into the FOMC decisions. Today’s POMO in the long-end failed to support prices although the 30y yield remains at lowest levels since Dec’12. Significant gains in core European fixed was largely in focus as the ECB president Draghi signaled that negative deposit rates at the central bank was a technical possibility, and implied money market rates fell with the euribor strip trading up between 1+-3 ticks. At the pit close T-notes settled at 133.20+, up half a tick.
03 May 2013 - 05:01 - Fixed Income Bank Speaker - Source: RANsquawk
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