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Edging Higher, Mirroring Equities

US TSYS

A narrow range for Tsys overnight Friday (TYU1 futures within a 5.5 tick range and well within Thursday's high-low), with modest gains as equities edged lower (S&P eminis -0.4%).

  • Dollar continues to hit fresh 2021 highs. Similar risk-off themes to recent days: growth slowdown and COVID concerns, and China regulatory crackdown.
  • A quiet U.S. schedule Friday, with no supply and no data.
  • The 2-Yr yield is down 0.4bps at 0.216%, 5-Yr is down 0.6bps at 0.7607%, 10-Yr is down 1.2bps at 1.2316%, and 30-Yr is down 0.8bps at 1.8628%.
  • Sep 10-Yr futures (TY) up 1.5/32 at 134-12 (L: 134-08.5 / H: 134-14), volumes subdued (~200k).
  • Dallas Fed Pres Kaplan speaks at 1100ET.
  • Pres Biden gives the 2nd set of remarks this week on Afghanistan at 1300ET.
  • NY Fed buys ~$2.025B of 22.5-30Y Tsys.
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