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Modest Strength As Fed Week Begins

US TSYS SUMMARY

Treasuries are a little stronger, largely within Friday's ranges with seemingly little directional conviction, as equities gain to start the week.

  • Jun 10-Yr futures (TY) up 4.5/32 at 131-29.5 (L: 131-23 / H: 132-00.5), on lackluster volumes (~180k traded as of 0630ET).
  • 10-Yr outperforming: The 2-Yr yield is up 0.2bps at 0.149%, 5-Yr is down 0.6bps at 0.8337%, 10-Yr is down 1.4bps at 1.6108%, and 30-Yr is down 1.1bps at 2.3667%.
  • FOMC decision Wednesday in focus (our preview will be out later today).
  • Otherwise very little newsflow in the early going. Of note over the weekend, Tsy Sec Yellen told ABC that the risk of inflation is "small" and "manageable" and "if it materialises, we'll certainly monitor for it but we have tools to address it."
  • Data consists of Mar Empire manufacturing at 0830ET, and Jan TIC flows at 1600ET.
  • Only supply is bills: $111bn of 13-/26-week at 1130ET.
  • NY Fed buys ~$1.750B of 20-30Y Tsys.
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