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Modestly Richer Pre Powell, Note Issuance and Bank Stress Test Results

US TSYS
  • Cash Tsys are modestly richer on the day in moves that started in European hours after narrow ranges through the Asia session, with Tsys slightly underperforming core EU FI.
  • It sees benchmark yields between -2-2.5bps on the day, led by the belly, in a move that only chips away at yesterday’s sell-off after stronger than expected US data. Powell’s Sintra appearance at 0930ET headlines the docket but 7Y supply and (late on) the Fed’s annual stress test results are also of interest.
  • TYU3 trades 5 ticks higher at 112-31+ on subdued volumes of 215k and within yesterday’s range. The bear trigger remains exposed at 112-12+ (Jun 14 low) after which lies 112-00 (Mar 10 low), whilst to the upside sits 113-18 (Jun 15 high).
  • Data: MBA weekly mortgage data (0700ET), Retail and wholesale inventories May/May P (0830ET), Advance goods trade bal May (0830ET)
  • Fed: Powell Sintra panel (0930ET), Fed Board annual bank stress tests results (1630ET)
  • Note/bond issuance: US Tsy $22B 2Y FRN Note auction (91282CGY1) – 1130ET, US Tsy $35B 7Y Note auction (91282CHJ3) – 1300ET
  • Bill issuance: US Tsy $46B 17W Bill sale – 1130ET
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