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Focus on today's 10y UST auction with an eye on CPI tomorrow

US TSYS SUMMARY
  • Treasuries have been on the front foot this morning, briefly breaking through the key short-term resistance level of 132-20+ (May 7 high). Our technical analyst notes that a clear breach would open 132-28+, a Fibo projection.
  • There has been a decent move in the 5s30s curve too, which has now reversed all the steepening after the May 7 payrolls print and has moved from a peak of 157.5bp to 143.5bp at the time of writing.
  • The main focus of the day will be the 10-year UST auction with USD38bln on offer. Results will be available just after the close at 13:00ET. Also, the NY Fed is to buy Tsy 22.5Y-30Y, appr $2.025B
  • Elsewhere on the calendar this morning we have MBA Mortgage Applications, the final print of wholesale inventories and trade.
  • With data today not top tier, markets are looking ahead to tomorrow's CPI print (and to a lesser extent tomorrow's ECB meeting).
  • TY1 futures are up 0-5+ today at 132-20 with 10y UST yields down -3.1bp at 1.505% and 2y yields down -0.4bp at 0.150%.
  • 5y yields down -2.2bp today at 0.751%
  • 30y yields down -3.2bp today at 2.186%
  • 2s10s down -2.7bp today at 135.5bp
  • 10s30s down -0.1bp today at 68.1bp
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