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Heavy Pre-Holiday Data Schedule

US TSYS SUMMARY

Treasuries are on session highs having sharply rebounded from overnight lows ahead of a heavy pre-Thanksgiving holiday data dump and Fed minutes.

  • The Tsy move has been a mirror image of equities which topped in Asia-Pac hours. No real macro/headline drivers, more like a breather after Tuesday's surge.
  • Bull flattening in the curve: the 2-Yr yield is unchanged at 0.1602%, 5-Yr is down 0.9bps at 0.3861%, 10-Yr is down 1.3bps at 0.8668%, and 30-Yr is down 1.7bps at 1.5882%.
  • Dec 10-Yr futures (TY) up 3.5/32 at 138-11.5 (L: 138-04 / H: 138-12). Dec/Mar fut rolls in focus (we're about three-quarters of the way through).
  • No shortage of data ahead. 0830ET brings weekly jobless claims, 2nd reading of Q3 GDP, Oct durable goods orders and wholesale inventories. At 1000ET we get Oct personal income/spending alongside Oct new home sales and final Nov UMich sentiment.
  • FOMC Nov Meeting minutes out at 1400ET, with asset purchase discussion in focus.
  • We also get the last supply of the week, in the form of $65B of 4-/8-week bills (1000ET), followed by $55B of 105-/154-day bills (1130ET). No NY Fed operational purchases today.
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