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Durable Goods Features With Jackson Hole Nearing


Treasuries have drifted lower from the session highs printed in early European trade, following sideways movement in Asia Pac.

  • Sep 10-Yr futures (TY) down 2/32 at 133-29.5 within a 6 tick range (L: 133-28.5 / H: 134-01.5). The curve is largely unchanged: 2-Yr yield is down 0.1bps at 0.2425%, 5-Yr is down 0.2bps at 0.795%, 10-Yr is up 0.5bps at 1.2986%, and 30-Yr is down 0.1bps at 1.9154%.
  • Equities and the USD a little stronger, but basically flat.
  • The price action suggests something of a holding pattern ahead of Jackson Hole Friday. SF Fed's Daly is the lone FOMC speaker today, at 1300ET (on fintech and racial equity).
  • Data today includes MBA mortgage apps at 0700ET, then the main release at 0830ET with durable / capital goods.
  • Decent supply today: $26B 2Y FRN auction at 1130ET, with $61B 5Y Note auction at 1300ET. Also a 119-day bill sale for $30B at 1130ET. NY Fed buys ~$1.425B of 10-22.5Y Tsys.

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