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Edging Lower Ahead Of ECB, Claims Data

US TSYS SUMMARY

Treasuries have edged marginally lower in European trade, after a quiet Asia-Pac session (cash closed due to Japanese holidays).

  • The 2-Yr yield is up 0.8bps at 0.216%, 5-Yr is up 0.8bps at 0.7442%, 10-Yr is up 0.3bps at 1.2916%, and 30-Yr is unch at 1.9386%. Sep 10-Yr futures (TY) down 4/32 at 133-31.5 (L: 133-30 / H: 134-08).
  • Stock futures have edged higher, touching the week's best levels.
  • Immediate attention is on the European Central Bank decision at 0745ET, presser at 0830ET.
  • Data picks up a bit with weekly jobless claims alongside Chicago Fed Nat'l Activity Index at 0830ET. Existing home sales at 1000ET, and KC Fed manufacturing at 1100ET.
  • In supply: $75B combined of 4-/8-week bill auction at 1130ET, with $16B 10Y TIPS selling at 1300ET. NY Fed buys ~$2.025B of 22.5-30Y Tsys.
  • Pres Biden set to meet with business and labor leaders at 1600ET on the bipartisan infrastructure framework (Congressional negotiations continue).

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