Fed Speakers And Bank Earnings Eyed

Treasuries have pared gains after TY futures hit an April high in Asia-Pac trading, with the curve mildly steeper. Attention ahead is on Fed speakers and bank earnings (JPM, WF, GS before the bell).

• Jun 10-Yr futures (TY) down 3.5/32 at 131-31 (L: 131-28.5 / H: 132-06). 2-Yr yield is up 0.2bps at 0.161%, 5-Yr up 1.9bps at 0.8548%, 10-Yr up 1.8bps at 1.6323%, 30-Yr up 1.6bps at 2.3101%.
• A long Fed speaker list again: Dallas' Kaplan at 0915ET, Chair Powell at 1200ET (no text, but Q&A), NY's Williams at 1430ET (text not expected, but Q&A), VC Clarida at 1545ET (text and Q&A), and Atlanta's Bostic at 1600ET. Beige Book out at 1400ET as well.
• Powell, Williams and Clarida most in focus - would be interesting if they say anything about recent topics incl the Mar CPI report / possible 'tweak' in Tsy purchases / vaccination criteria for tapering.
• A light day for data (a respite between Tuesday's CPI and Thursday's Retail Sales / Ind Prod / jobless claims). March import/export prices at 0830ET. And supply ratchets down after a busy start to the week: just $35B of 119-day bills selling at 1130ET.
• NY Fed - which released its forward operational purchase schedule Tuesday afternoon (with no changes to purchase composition)- buys ~$12.825B of 0Y-2.25Y Tsys today.