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Bear Steepening Ahead Of Jobs Report

US TSYS SUMMARY

Treasuries have opened nonfarm payrolls Friday a weaker in a continuation of the steady move lower the last couple of sessions.

  • Recent flattening has stalled, though, with some bear steepening in the European morning: the 2-Yr yield is up 1bps at 0.2083%, 5-Yr is up 2.3bps at 0.7468%, 10-Yr is up 3bps at 1.2533%, and 30-Yr is up 3.9bps at 1.9004%.
  • Sep 10-Yr futures (TY) down 9/32 at 134-07 (L: 134-06 / H: 134-15). Nothing special in volumes (~255k).
  • The focus of course is on nonfarm payrolls (BBG survey +858k, MNI dealer median +900k) at 0830ET - we've put out a few preview notes this morning. (As is becoming customary, Pres Biden will speak on the jobs data at 1030ET).
  • Rounding out the week's data are wholesale inventories/trade sales (1000ET) and consumer credit (1500ET).
  • No supply today; NY Fed buys ~$12.425B of 0-2.25Y Tsys.
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