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Edging Higher With Fed Speakers Ahead

US TSYS SUMMARY

Treasuries are modestly stronger to open the week, with stock futures flat/lower and the dollar a little weaker. Fed speakers provide the session's focus, with Friday's employment report and Wednesday's month-/quarter-end looming.

  • Sep 10-Yr futures (TY) up 4.5/32 at 132-00 (L: 131-28.5 / H: 132-01), limited volumes (~182k).
  • The 2-Yr yield is down 0.4bps at 0.2622%, 5-Yr is down 0.3bps at 0.9183%, 10-Yr is down 0.7bps at 1.5173%, and 30-Yr is down 0.6bps at 2.1425%.
  • Fed speakers include NY's Williams (0900ET), Richmond's Barkin (1200ET), and VC Quarles (1310ET).
  • Overnight attention was on an FT interview w Boston Fed's Rosengren who identified potential for "boom and bust" in the housing market and called for reducing MBS buys at the same pace as Tsys when it came time to taper.
  • Only data is Jun Dallas Fed Manufacturing at 1030ET.
  • Supply today is $111B of 13-/26-week bills at 1130ET. NY Fed buys ~$1.425B of 10Y-22.5Y Tsys.
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