Edging Higher, With Rolls And Fed Speakers In Focus

Treasuries are a little stronger to begin the week, but very much within Friday's ranges with few catalysts in the overnight session.

• With much of Europe on holiday (Pentecost), trading's been light overall in the overnight session with prices rangebound. Front TYs trading on decent volume (~300k), but note that rolls are playing a big role (TYU1 ~170k traded).
• The 2-Yr yield is flat at 0.1534%, 5-Yr is down 0.5bps at 0.8164%, 10-Yr is down 0.5bps at 1.6165%, and 30-Yr is down 0.1bps at 2.3162%. Jun 10-Yr futures (TY) up 3.5/32 at 132-17.5 (L: 132-15 / H: 132-18.5)
• Some attention paid to China clamping down on commodity speculation, and Belarus/E.U. tensions, but not much that was truly market moving.
• Data consists of Chicago Fed nat'l activity index (0830ET) and FHFA house prices (0900ET).
• The Fed speaker list includes Gov Brainard (0900ET, on digital currencies at a crypto currency conference), Cleveland's Mester (1100ET, not on mon pol), Atlanta's Bostic (1200ET), and KC's George (1730ET).
• In supply, $111B of 3-/6-month bills sell at 1130ET. NY Fed buys ~$2.025B of 1-7.5Y TIPS.