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Curve Sits Steeper, 10y North of 4.60% Ahead of Auction

US TSYS
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  • Treasuries head into the 7y auction on a fragile footing, with yesterday's strength in consumer confidence and tails across both 2y and 5y sales still making themselves felt. The curve sits steeper (longer-end +7.5bps), while the 10y yield clears 4.60% to touch the highest levels since end-April.
  • The Fed's Beige Book (1900BST/1400ET) likely headlines today's Fed commentary, with one area of focus on the latest tone around firms' pricing power after noting a considerable weakening in recent months back in April.
  • NY Fed's Williams (1845BST/1345ET) speaking at a community services roundtable should limit mon pol content whilst Bostic ('24 voter) spoke multiple times last week noting he still doesn't expect to cut rates before Q4 and that rates are restrictive but their efficacy could be weaker.* Williams' speech at the Economic Club of NY tomorrow is likely more impactful.
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  • Treasuries head into the 7y auction on a fragile footing, with yesterday's strength in consumer confidence and tails across both 2y and 5y sales still making themselves felt. The curve sits steeper (longer-end +7.5bps), while the 10y yield clears 4.60% to touch the highest levels since end-April.
  • The Fed's Beige Book (1900BST/1400ET) likely headlines today's Fed commentary, with one area of focus on the latest tone around firms' pricing power after noting a considerable weakening in recent months back in April.
  • NY Fed's Williams (1845BST/1345ET) speaking at a community services roundtable should limit mon pol content whilst Bostic ('24 voter) spoke multiple times last week noting he still doesn't expect to cut rates before Q4 and that rates are restrictive but their efficacy could be weaker.* Williams' speech at the Economic Club of NY tomorrow is likely more impactful.