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Consolidation Of Bear Steepening, Data Ramps Up With Further Supply

US TSYS
  • Treasuries consolidate yesterday’s sizeable bear steepening ahead of important data including GDP revisions, preliminary durable goods and jobless claims, all before tomorrow’s May PCE report. Further supply is in the mix as well with 7Y supply coming after yesterday’s solid (but shrugged off) 5Y auction added to a well-received 2Y on Tuesday.
  • Cash yields sit within 0-0.5bp either side of yesterday’s close having rallied a little in recent trade. 2s10s at -41.8bps is off recent ytd lows of -50.8bps.
  • TYU4 has kept to narrow ranges overnight on strong cumulative volumes of 400k.
  • At 109-31+ (-02+) it’s close to the earlier low of 109-27+ that marked a step closer to support at 109-26 (50-day EMA) in a further test of the bullish trend. Clearance here could open a key support at 109-00+ (Jun 10 low).
  • Data: GDP Q1 3rd release (0830ET), Durable goods May prelim (0830ET), Weekly jobless claims (0830ET), Advance trade balance May (0830ET), Wholesale & retail inventories May prelim/May (0830ET), Pending home sales May (1000ET), KC Fed mfg Jun (1100ET)
  • Note/bond issuance: US Tsy $44B 7Y Note auction - 91282CKW0 (1300ET)
  • Bills issuance: US Tsy $80B 4W, $75B 8W bill auctions (1130ET)
  • Presidential debate 2100ET
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