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2-Yr Supply And More Fed Speakers

US TSYS SUMMARY

Treasuries have held onto overnight gains which were made largely within the space of 1 hour (0200-0300ET) overnight in early European trade. A decent mix of supply, Fed speakers and data ahead.

  • The 2-Yr yield is unchanged at 0.1493%, 5-Yr is down 0.7bps at 0.7969%, 10-Yr is down 1bps at 1.591%, and 30-Yr is down 1.4bps at 2.2853%. Jun 10-Yr futures (TY) up 3/32 at 132-23 (L: 132-19 / H: 132-24.5), volumes elevated (563K) but largely roll related (also 380K TYU1).
  • Overnight, KC Fed's George noted she can't dismiss current pricing signals despite likelihood that inflation is likely transitory; suggests flexible Fed approach (comments had little impact on the space though).
  • Fed speakers today: Richmond's Barkin (0800ET); Chicago's Evans (0940ET), VC Quarles (1000ET).
  • Housing data includes house price purchase index (0900ET) and new home sales (1000ET), while we also get Conference Board confidence and Richmond Fed at 1000ET.
  • Republicans set to meet today to mull a new offer to the White House on infra. Overall tone is that it looks like we're not close to getting a deal. Also in D.C., worth noting Senate Finance Committee confirmation hearings for Tsy officials at 0930ET, incl Nellie Liang as undersecretary.
  • $40B 42-day bills auction at 1130ET, while $60B in 2-Yr Notes sell at 1300ET. NY Fed buys ~1.425B of 10-22.5Y Tsys.
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