Bear Steepening With 7Y Supply And Fed Speakers Ahead

Treasuries continued to sell off overnight, but have picked up a bit of a bid in the last couple of hours of European trade. Some data ahead but the main focus again is on Fed speakers, and 7Y Supply.

• 10Y Tsy yields hit fresh post-Jun highs (1.5496%) a little after 0400ET but have retraced as equities have drifted to session lows and DXY dollar index to session highs.
• Similarly, 30Y seeing highest yld level since early July (2.0718%) in bear steepening move: 2-Yr yield is up 3.7bps at 0.3147%, 5-Yr is up 3.5bps at 1.0196%, 10-Yr is up 3.5bps at 1.5218%, and 30-Yr is up 5bps at 2.0441%. Dec 10-Yr futures (TY) down 10/32 at 131-15.5 (L: 131-09/ H: 131-27).
• European energy price surge helping set the tone.
• Plenty more FOMC speakers today, in the wake of announced departures of Dallas' Kaplan and Boston's Rosengren: Chicago's Evans at 0900ET; Chair Powell (alongside Tsy Sec Yellen) at 1000ET; Gov Bowman at 1340ET; Atlanta's Bostic at 1500ET.
• $62B in 7-Year supply at 1300ET. NY Fed buys ~$8.425B of 2.25-4.5Y Tsys.
• Data today consists of Wholesale/retail inventories and Advance goods trade balance at 0830ET; house price data at 0900ET; and at 1000ET, Conference Board Consumer Confidence and Richmond Fed Mfg.