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Consolidating With Jobless Claims And Debt Limit Deal Eyed

US TSYS

Treasuries have traded with little decisiveness overnight Thursday, consolidating well within Wednesday's ranges. The easing of energy prices from Wednesday's recent peaks continues to boost risk appetite, with equities firmly in the green.

  • Risk-on tone also supported by Senate agreement to postpone the debt ceiling crisis to December, though reports overnight suggest that it's not a done deal just yet. Senate was in session until 0100ET but no vote yet, Maj Leader Schumer said he hopes agreement will be reached this morning.
  • The 2-Yr yield is up 0.2bps at 0.2956%, 5-Yr is up 0.2bps at 0.983%, 10-Yr is down 0.2bps at 1.519%, and 30-Yr is down 0.4bps at 2.0747%.
  • Dec 10-Yr futures (TY) up 1/32 at 131-24 (L: 131-17 / H: 131-25).
  • Challenger job cuts at 0730ET and jobless claims at 0830ET provide the latest installments in the week's labor market data. Later we get consumer credit data (1500ET).
  • Cleveland Fed's Mester speaks on inflation dynamics at 1145ET.
  • In supply, $35B combined of 4-/8-week bill auctions at 1130ET.
  • NY Fed buys ~$1.225B of 7.5-30Y Tsys.
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