Bull Flattening Amid Tentative Stability

Treasuries have gained back a bit of ground overnight Friday vs Thursday's sharp losses, albeit all well within the (admittedly broad) ranges of yesterday's session. An extraordinarily thin calendar lies ahead, with no data, supply, or scheduled speakers.

• Bull flattening has been the order of the day: with long end rallying, 5s30s now below pre-FOMC wides.
• The 2-Yr yield is up 0.4bps at 0.1573%, 5-Yr is down 0.8bps at 0.8561%, 10-Yr is down 1.4bps at 1.6944%, and 30-Yr is down 2.1bps at 2.4269%.
• Jun 10-Yr futures (TY) up 6.5/32 at 131-15 (L: 131-10 / H: 131-21.5) on lower volumes than Thurs, but above the norm (~410k).
• S&P futures up very slightly after dipping overnight, but gains look tentative so far. Dollar fluctuating, trading basically flat.
• The only item of note on the agenda is 1030ET: NY Fed buying ~$2.425B of 1Y-7.5Y TIPS.
• As such, there's some attention on any SLR announcement by the Fed (Chair Powell said Weds that it would come in the "coming days"), though most are looking to Monday when it's assumed the Fed Board of Governors will have their usual biweekly meeting.