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KC Fed George Cracks the Seal

US TSYS
Rates trading marginally weaker overnight, Tsys 30Y Bonds off early London lows ahead the NY open. Volumes remain quite healthy (TYU >730k) due to carry-over Sep/Dec futures roll efforts ahead next Tue' "first notice" when Dec futures take lead quarterly. Yield curves nominally steeper. Equities little weaker (ESU1 -3.25), US$ small gains.
  • EGBs mildly weaker as well with continuation of bear steepening theme on muted data. Italy 10Y vs. Bunds narrowing slightly. Focus on US data.
  • Aside from weekly claims and Q2 GDP -- anticipation builds ahead Fri's economic symposium hosted by KC Fed in Jackson Hole, WY. While the symposium agenda will be released tonight at 2000ET, Fed chairman Powell scheduled for 1000ET. However, multiple Fed speaker interviews : KC Fed George kicks off with BBG TV spot at 0730ET. CNBC interviews: StL Fed Bullard at 0800ET, Dallas Fed Kaplan at 1030ET.
  • Half a dozen Fed speakers scheduled Friday BEFORE the Fed chair speaks. Expect to hear Powell repeat many recent talking points, and provide more clarity on some issues surrounding policy normalization.
  • NY Fed buy-operation: 0Y-2.25Y, appr $12.425B. US Tsy auctions $30B each: 4W and 8W bills (1130ET) followed by $62B 7Y Note at 1300ET.
  • The 2-Yr yield is up 0.4bps at 0.2425%, 5-Yr is up 1.9bps at 0.8363%, 10-Yr is up 0.5bps at 1.3441%, and 30-Yr is up 0.2bps at 1.9502%.
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