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A Bit Of Steepening Pre-FOMC

US TSYS SUMMARY

The Tsy curve is a little steeper Wednesday ahead of the July FOMC decision.

  • The 2-Yr yield is up 0.2bps at 0.2055%, 5-Yr is up 2bps at 0.7191%, 10-Yr is up 1.2bps at 1.2527%, and 30-Yr is up 1.6bps at 1.9092%.
  • Sep 10-Yr futures (TY) down 3/32 at 134-12 (L: 134-09.5 / H: 134-17). OK volumes (~310k).
  • Focus is on the 1400ET FOMC decision, with Powell's presser at 1430ET.
  • Equities have found their footing from Tuesday's lows, with S&P eminis back around the 4,400 mark.
  • Data includes weekly MBA mortgage apps (0700ET), and at 0830ET, retail/wholesale inventories alongside advance goods trade balance.
  • $28B 2Y FRN / $30B 119-day bill auction at 1130ET. No NY Fed operational purchases due to the Fed meeting.
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