GILTS: Cross-Market Inputs Continue To Dominate

• -6,500 FVM6 107-23, sell through 107-23.25 post time bid at 1044:10ET, DV01 $276,000.
• The 5Y contract trades 107-22.25 last (-5.5)

Still early in the cycle - Tsy quarterly futures roll volume has surged in 10Y and 10Y ultra bond Jun/Sep spread a few minutes ago. Otherwise, volumes from June'26 to September'26 rather muted with percentage complete currently in the low single digits. "First Notice" date Friday, May 29. Current roll details:

• TUM6/TUU6 appr 13,200 from 0.12 to 0.50, 0.38 last; 2% complete
• FVM6/FVU6 appr 6,000 from 1.62 to 2.0, 1.88 last; 2% complete
• TYM6/TYU6 appr 113,800 from 6.75 to 7.0, 7.0 last; 3% complete
• UXYM6/UXYU6 30,900 from 9.25 to 9.75, 9.5 last; 1% complete
• USM6/USU6 appr 2,700 from 15.0 to 15.25, 15.25 last; 1% complete
• WNM6/WNU6 appr 3,400 from 12.75 to 13.0, 12.75 last; 1% complete
• Reminder, Jun'26 futures don't expire until next month: 10s, 30s and Ultras on June 18, while 2s and 5s expire on June 30. Meanwhile, Jun'26 Tsy options will expire Friday, May 22.

More comments from Trump to FOX:

• “TRUMP TO FOX: IRAN HARDLINE LEADERS ARE GOING TO FOLD” BBG
• “TRUMP TO FOX: WILL DEAL WITH IRAN UNTIL AGREEMENT REACHED” BBG
• "*TRUMP: PROJECT FREEDOM WOULD BE PART OF LARGER OPERATION: FOX" BBG