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Marginally Cheaper Ahead of Solid Data Docket, 5Y Issuance

US TSYS
  • Cash Tsys trade +0.5-1.5bp cheaper across the curve for a mild bear steepening on the day, albeit with yesterday’s new 2Y issuance distorting historical 2s10s spreads which currently sit at -96bps from beyond -100bps in the past two sessions.
  • Today sees a solid docket, including preliminary core durable goods, housing data and consumer confidence (plus potential spillover from CAD CPI) before 5Y supply.
  • 2YY +0.6bp at 4.687%, 5YY +1.1bp at 3.979%, 10YY +1.2bp at 3.733%, 5YY +1.5bp at 3.830%.
  • TYU3 trades 3+ ticks lower at 113-03+ off lows of 113-01 amidst subdued cumulative volumes of just 200k. The bear threat remains present with the trigger at 112-12+ (Jun 14 low) after which lies 112-00 (May 10 low).
  • Data: Durable goods May prelim (0830ET), FHFA house price index Apr (0900ET), S&P CoreLogic house price index Apr (0900ET), New home sales May (1000ET), Conf Board consumer confidence Jun (1000ET), Richmond Fed mfg index Jun (1000ET), Dallas Fed services activity (1030ET).
  • Note/bond issuance: US Tsy $43B 5Y Note auction (91282CHK0) – 1300ET
  • Bill issuance: US Tsy $50B 42D Bill CMB auction – 1130ET
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