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Fed' Harker Reiterates Taper View, Time To Talk Timing

US TSYS SUMMARY
Rather muted midweek rally in rates on light volume (TYU 815k) by the bell, 10YY slips to 1.5858% -- low end of range.
  • No substantive data (May Redbook store sales +13.1%; MBA REFIS -5%), Fed Beige Book underscores inflation pick-up: "Input costs have continued to increase across the board," especially in raw materials, freight, packaging, and petrochemicals, as a result of supply chain disruptions, the Beige Book said. "Strengthening demand, however, allowed some businesses, particularly manufacturers, builders, and transportation companies, to pass through much of the cost increases to their customers."
  • Reminder, Fed media blackout starts midnight Fri through June 17, say after the next FOMC policy annc. That said, Philly Fed Pres Harker took the opportunity to reiterate opinion it's time to start debate over taper timing, but "MUST ACT WITH CARE, DON'T WANT TO TRIGGER TAPER TANTRUM" Bbg.
  • Focus turns to ADP private employment data and weekly claims Thursday, May NFP Friday (+653k est vs. +266k prior).
  • The 2-Yr yield is down 0.2bps at 0.1446%, 5-Yr is down 0.8bps at 0.7964%, 10-Yr is down 1.5bps at 1.5909%, and 30-Yr is down 0.7bps at 2.2796%.
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