Fed Comms Provide The Focus, With Biden Infra Meeting Also Eyed

Wednesday's overnight session was fairly sedate, with little market-moving headline/market flow - and the day as a whole potentially representing a breather ahead of busier calendars Thurs and Fri.

• Sep 10-Yr futures (TY) up 1/32 at 131-26.5 (L: 131-23 / H: 131-27.5), on uninspiring (<200k) volumes).
• The 2-Yr yield is down 0.2bps at 0.1446%, 5-Yr is down 0.2bps at 0.8028%, 10-Yr is down 0.2bps at 1.6045%, and 30-Yr is down 0.2bps at 2.2846%.
• A thin data calendar (MBA Mortgages at 0700ET) puts the focus on Fed communications ahead of the pre-FOMC meeting blackout period starting Fri night.
• The Beige Book is out at 1400ET; Philly Fed Pres Harker speaks at 1200ET, with Chi's Evans, Atl's Bostic and Dallas' Kaplan appearing at 1400ET.
• In supply, there's a $25B 119D bill auction at 1130ET. NY Fed buys ~$1.225B of 7.5-30Y TIPS.
• Pres Biden meets w Sen Capito on infrastructure at 1445ET, in a meeting Politico bills as "crucial" in terms of getting a bipartisan deal.