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Busy Auction Slate Ahead

US TSYS SUMMARY

A busy Treasury auction slate is the undoubted highlight of an otherwise quiet Monday schedule. Tsy futures are a little stronger, though well within Friday's ranges.

  • Jun 10-Yr futures (TY) up 2/32 at 131-25.5 (L: 131-20 / H: 131-28.5), volumes on the light side (<250k). The 2-Yr yield is unch at 0.1549%, 5-Yr is up 0.2bps at 0.8644%, 10-Yr is down 0.2bps at 1.6569%, and 30-Yr is down 0.6bps at 2.3232%.
  • The modest Tsy bid has been assisted by a soft start to the week for equity futures. Little in the way of headline flow in Asia-Pac / Europe.
  • At 1130ET we get auctions of $58B 3-Yr note and $54B of 26-week bills; at 1300ET $38B of 10-Yr note and $57B of 13-week bills.
  • Boston Fed Pres Rosengren speaks on the economic outlook at 1300ET. To recap, in a 60 Minutes appearance Sunday evening, Chair Powell revealed little new, staying firmly on his cautiously optimistic message.
  • 1345ET sees Pres Biden and VP Harris meeting with a bipartisan Congressional group on their infra plan.
  • Light on data today: monthly budget statement (for March) out at 1400ET.
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