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A Little Weaker, With Earnings And 7-Yr Supply Ahead


In a replay of Monday's overnight price action, Tsys have edged lower Tuesday. Volumes a little subdued (TYM1s ~230k) ahead of supply today and the FOMC decision Wednesday (2-day meeting gets underway this morning).

  • The 2-Yr yield is up 0.4bps at 0.172%, 10-Yr is up 1.3bps at 1.5792%, and 30-Yr is up 1.5bps at 2.2552%. Jun 10-Yr futures (TY) down 3/32 at 132-09 (L: 132-07 / H: 132-12.5)
  • Not much in way of macro / headline drivers overnight. Corporate earnings will be of some interest today, with names like UPS, GE, 3M reporting before market, Alphabet and Microsoft etc after-market.
  • In supply, $28B 2Y FRN auction alongside $40B 42-day bill auction at 1130ET, with $62B 7Y Note auction at 1300ET.
  • A light schedule overall though: some house price (FHFA / S&P CoreLogic) house price data at 0900ET, followed by Conference Board consumer confidence and Richmond Fed Manufacturing at 1000ET.
  • No NY Fed buy ops until Thursday on account of the Fed meeting. Our Fed preview went out yesterday,click here if you haven't seen it.

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