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Fed Chair at Riksbank Central Bank Conf a Non-Event

US TSYS
Tsys broadly weaker after the bell, off midday lows after 30YY tapped 3.7726% (+.1127), yield curves bear steepening off deeper inverted levels since Fri's NFP (2s10s +4.184 at -64.002).
  • No relevant data on the day (in-line Wholesale Inventories at1.0%) markets were more focused on Fed Chairman Powell remarks at a Riksbank panel on central bank independence. Non-event as Powell repeated his view that the Fed has "narrow" responsibilities on climate change, a stance for which he faced opposition from Democratic lawmakers during his renomination hearing last year.
  • Another strong session for corporate issuance, rate locks tied to a $10B Saudi Arabia three-tranche debt issuance weighed.
  • Treasury futures saw modest bounce off lows after decent $40B 3Y note auction (91282CGE5) stopped through: 3.977% high yield vs. 4.000% WI; 2.84x bid-to-cover vs. 2.55x last month. Indirect take-up to 69.54% vs. 61.71% prior; direct bidder take-up at 13.18% vs. 20.44% prior; primary dealer take-up 17.28% vs. 17.85%.
  • Focus turns to Thursday's CPI MoM (0.1%, -0.1%); YoY (7.1%, 6.5%).
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