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Curve Flattens Further Ahead Of Jobless Claims

US TSYS

Treasuries are trading mixed early Thursday, with the short-end underperforming. Some immediate global attention on Bank of England decision at 0700ET, with US jobless claims data to follow.

  • Curve flattening after Wednesday's comments by Fed Clarida / ISM Services beat has extended slightly further: 2-Yr yield is up 0.6bps at 0.1862%, 5-Yr is up 0.5bps at 0.6809%, 10-Yr is down 0.2bps at 1.1803%, and 30-Yr is down 0.7bps at 1.8318%.
  • Sep 10-Yr futures (TY) down 1/32 at 134-25.5, in narrow ranges (L: 134-21.5 / H: 134-27.5) and on unspectacular volume (~250k).
  • Today's Fed speakers include Gov Waller (1000ET, on cenbank digital currency) and Minn's Kashkari at 1600ET. Overnight, SF Fed Pres Daly reiterated she saw potential for tapering to start end 2021/early 2022.
  • At 0730ET we get Challenger Job Cuts data, and then at 0830ET we get jobless claims alongside international trade data.
  • In supply: $75B in 1-/2-month bills at 1130ET. NY Fed buys ~$2.025B of 22.5Y-30Y Tsys.
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