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A Little Weaker Ahead Of Data, 7-Yr Supply

US TSYS SUMMARY

Treasuries have weakened marginally in overnight trade Thursday with a bit of bear steepening, ahead of a decent slate of data and 7-Yr supply.

  • The 2-Yr yield is down 0.4bps at 0.1446%, 5-Yr is up 2bps at 0.8027%, 10-Yr is up 0.8bps at 1.5841%, and 30-Yr is up 1.2bps at 2.2682%.
  • Jun-Sep rolls are all but complete. The active Bloomberg ticker still shows June, but TYU1 clearly ahead in volume (~280k vs ~210k TYM1): down 2.5 ticks at 131-30+ (L: 131-28+, H:132-02).
  • Equities and USD marginally weaker.
  • The data flow picks up today: jobless claims alongside durable /capital goods orders and 2nd reading of Q1 GDP at 0830ET. Then pending home sales at 1000ET, and KC Fed manufacturing at 1100ET.
  • Supply today sees $62B 7-Yr Note auction at 1300ET; we also get 4-/8-week bills at 1130 ($80B total). NY Fed buys ~$2.025B of 22.5-30Y Tsys.
  • Latest GOP offer for an infra package unveiled at a news conference at 0905ET; Pres Biden delivers remarks on the economy at 1420ET.
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