Busy Data Slate Ticks All The Boxes

A busy data slate highlights Tuesday's session, which has so far seen Tsys edge slightly higher in early Asia-Pac trade (but TYs basically unchanged since around 2100ET).

• The 2-Yr yield is unchanged at 0.157%, 5-Yr is down 0.7bps at 0.7757%, 10-Yr is down 0.7bps at 1.4872%, and 30-Yr is down 0.1bps at 2.1808%.
• Sep 10-Yr futures (TY) up 3/32 at 132-19.5 (L: 132-17.5 / H: 132-21); volume <180k.
• May retail sales (0830ET) will help provide another guidepost to consumer health in the re-opening recovery, while May PPI out at the same time is expected to show cooling but still strong pipeline price pressures vs April. Also at 0830ET is Jun Empire State Manufacturing.
• Then at 0915ET we get industrial production, with supply chain bottlenecks in focus.
• 1000ET sees Apr business inventories and 1000ET Jun NAHB housing prices.
• In supply, we have a busy pre-FOMC bill auction schedule, with $40B 42-day bills and $34B 52-wk bills selling at 1130ET, while 1300ET brings $24B 20Y bond re-open.
• NY Fed buys $1.225B in 7.5-30Y TIPS.
• Some attention on Democratic Party infighting on infrastructure; Politico writes Pres Biden's "entire agenda appears to be in jeopardy".