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Treasuries are retesting Monday's lows as progress on fiscal stimulus remains in the balance.
- Dec 10-Yr futures (TY) down 5.5/32 at 138-24 (= today's and Monday's low), with the curve a bit steeper: 2-Yr yield is unchanged at 0.1451%, 5-Yr is up 0.5bps at 0.3393%, 10-Yr is up 1.3bps at 0.7824%, and 30-Yr is up 1.6bps at 1.5752%.
- Today marks Speaker Pelosi's "deadline" for seeing whether a stimulus deal is possible before election day (in 2 weeks). She and Treas Sec Mnuchin spoke Monday and both sides saw progress made, but as Politico reports this morning, the appropriations staff "found themselves immediately deadlocked" on some issues Monday aft., and Senate passage will be difficult.
- This subject may come up w Pres Trump on Fox and Friends at 0800ET.
- A heavy Fed speaker slate, but judging from yesterday's non-reaction to the likes of Powell and Clarida, doesn't figure to be market-moving today. VC Quarles at 1050ET, Chicago's Evans at 1300ET, NY Fed VP Singh at 1330ET, Gov Brainard at 1500ET, and Atlanta's Bostic at 1700ET.
- Data: 0830ET sees Sep Housing starts/building permits and Oct Philly Fed non-manuf.
- $60B of 42-/119-day bill auction at 1130ET; NY Fed buys ~$6.025B if 4.5-7Y Tsys.