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Edging Lower Ahead Of Busy Thursday Schedule

US TSYS SUMMARY

Treasuries have edged lower overnight Thursday, as we await a swathe of data releases, multiple Fed speakers, bank stress test results, and 7Y Tsy supply.

  • Sep 10-Yr futures (TY) down 2/32 at 132-04 (L: 132-01 / H: 132-07), once again on light volumes (<220k). The 2-Yr yield is up 0.4bps at 0.2661%, 5-Yr is up 2.3bps at 0.9038%, 10-Yr is up 0.7bps at 1.4919%, and 30-Yr is up 0.3bps at 2.1117%.
  • Equity futures touching fresh all-time highs; dollar a little weaker.
  • In data: durable goods orders, wholesale inventories, jobless claims, final 1Q GDP, and trade balance data feature at 0830ET, while we get KC Fed manufacturing later in the morning (1100ET).
  • Plenty of Fed speakers once again. Richmond's Barkin appears twice (0900ET and 1600ET). We get Atl's Bostic and Philly's Harker at 0930ET; NY Fed's Williams at 1100ET; St Louis's Bullard and - separately - Dallas's Kaplan at 1300ET.
  • Then at 1630ET, the Fed releases bank stress test results.
  • In supply, 1130ET brings $80B combined in 4-/8-week bill auctions, while 1300ET sees $62B 7Y note auction. NY Fed buys ~ $2.025B of 22.5-30Y Tsys.
  • In Washington, bipartisan senators will brief Biden on a tentative agreement on infrastructure reached yesterday.
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