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Markets & Finance

Treasuries Finish Lower

Treasuries finished the week defensively after staging an unconvincing rally on Thursday, helped lower by firmer data and resilient equities.

Stocks set the tone early on following another solid earnings report from Dell computer, though dollar weakness briefly got the better of both asset classes. Flows appeared mostly position-driven after the previous run-up, but slightly narrower U.S. trade gap in March and a leap in May U. Michigan consumer sentiment to 96 from 93 also did some fundamental damage to longs.

The dollar's trade-weighted index cracked below 113 for the first time in 7-months, with next big support post-9-11 lows of 111.40, compared to Jan highs of 120.34 as the good will of foreign investors was tested. The Jun bond shed 22/32 to 100-06, though losses were a little more pronounced in the front-end and the 2s-30s spread narrowed back under +240 bp.

Oil prices recovered by late afternoon, after faltering on news that Russia would end export restrictions in June.

The Fed also proposed a new 2-tier discount rate system to apparently enhance liquidity among prime borrowers, without the negative stigma of proving need.

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