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Huge Pre-Holiday Data (And Fed Minutes) Slate Ahead

US TSYS

Treasuries are a little stronger ahead of a data-heavy pre-holiday session. After making decent gains in Asia-Pac hours, Tsys slipped a bit in early European trading, bouncing briefly just before 0500ET on headlines re European COVID lockdown concerns.

  • The 2-Yr yield is down 2bps at 0.5944%, 5-Yr is down 2.3bps at 1.3164%, 10-Yr is down 1.9bps at 1.6462%, and 30-Yr is down 2.4bps at 1.9988%.
  • The data releases start with weekly MBA mortgage apps at 0700ET. At 0830ET is jobless claims alongside durable goods orders, with the 2nd reading of Q3 GDP, advance goods trade balance, and wholesale/retail inventories too.
  • The next and final drop is at 1000ET, with the October personal income and outlays report (including the Fed's preferred inflation metric, the PCE price deflator), new home sales, and final Nov UMich sentiment.
  • Then at 1400ET, the Nov FOMC meeting minutes rounds out the day's schedule.
  • Supply is all bills: $10B 4W / $25B 8W bills at 1000ET, with $60B 14D / $40B 119D bill CMB at 1130ET. Reminder that due to tech difficulties the NY Fed rescheduled Tuesday's operational purchase op to today: TIPS 7.5Y-30Y, appr $1.075B (1100ET).
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