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Modest Weakness Ahead Of Labor Market And Services Data

US TSYS SUMMARY

Treasuries have drifted lower in overnight trade Thursday with modest bear steepening, as we gear up for a series of key labor market data today and Friday.

  • Sep 10-Yr futures (TY) down 2.5/32 at 131-27.5 (L: 131-26.5 / H: 131-31.5) Light volumes (~190k traded).
  • The 2-Yr yield is up 0.2bps at 0.1466%, 5-Yr is up 1.1bps at 0.8044%, 10-Yr is up 1.4bps at 1.6011%, and 30-Yr is up 1.5bps at 2.2867%.
  • Today's data lineup, which will be viewed with Friday's employment report in mind: Challenger Job Cuts (0730ET), ADP employment (0815ET), jobless claims (0830ET), productivity/ULC (also 0830ET), final Services PMI (0945ET), and ISM Services (1000ET).
  • Fed speakers today are all in the afternoon: Atl Pres Bostic (1230ET), Dallas' Kaplan (1300ET), Philly's Harker (1350ET), and VC Quarles (1505ET).
  • Reports overnight suggested that the White House and Senate Republicans remain far apart in infrastructure negotiations, with the GOP potentially making another counteroffer Friday.
  • In supply, $80B combined of 4-8-week bills sell at 1130ET. NY Fed buys ~$2.025B of 22.5-30Y Tsys.
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