Fed Speakers Preempt Jackson Hole

Remote Jackson hole symposium kicks off at 1000ET today: Macroeconomic Policy in an Uneven Economy, Fed Chairman Powell making opening remarks after intro by hosting KC Fed pres George. Unlikely that Powell will 'pre-commit' to a taper timeline, expect to hear Powell repeat many recent talking points, and provide more clarity on some issues surrounding policy normalization. AGENDA

• Six Fed speaker interviews AHEAD of the Fed chairman: Bbg, CNBC interviews before the Fed chair speaks (see 0611ET bullet for Speakers).
• But wait, there's more: economic data on tap Adv Goods Trade Bal, Personal Income/spending, U-Mich sentiment. NY Fed buy-op of appr $2.025B Tsys 22.5-30Y.
• Geopol and Covid related headlines always an underlying risk factor for markets.
• Tsys trading steady to mixed, near the middle of a relative narrow overnight range on light volume if you take away Sep/Dec rolling (TYU1 drops to appr 140k!). US equities firmer (ESU1 +13.0 to 4479.5), US$ scales back some of Thu's support (DXY -.033).
• No Treasury auctions or corporate supply on tap, issuers on sidelines until next week. Sep Tsy options expiration should generate some decent trade.
• Current 2-Yr yield is unchanged at 0.2406%, 5-Yr is down 1bps at 0.8395%, 10-Yr is down 1bps at 1.3391%, and 30-Yr is down 1.4bps at 1.9331%.