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Mostly Edging Higher Ahead Of Data And Supply

US TSYS SUMMARY

Treasuries are trading mixed, and within Wednesday's ranges (ie futures below yesterday's highs) as markets continue to digest a combination of a soft CPI print, and fairly hawkish Fed speakers' tones on tapering. Data and 30Y supply in focus.

  • The 2-Yr yield is up 0.2bps at 0.2207%, 5-Yr is down 0.3bps at 0.8051%, 30-Yr is up 0.1bps at 1.9994%.
  • Sep 10-Yr futures (TY) up 2/32 at 133-20.5 (L: 133-18.5 / H: 133-25), with 133-29 (Wed high) the near-term level to watch on the upside. Volumes light so far (~215k).
  • The scheduled highlights are mostly in data: Jobless claims and PPI are released at 0830ET.
  • No scheduled Fed speakers today, though we've heard plenty from hawkish-leaning FOMC participants this week (including KC's George yesterday).
  • On the more dovish end of the spectrum, SF Fed Pres Daly told the FT in an interview published this morning that tapering could start as soon as this year (so not too dovish an outlook).
  • In supply, 1130ET sees $75B of 4-/8-week bill auctions, while we get $27B 30Y Bond auction at 1300ET.
  • NY Fed buys ~$2.025B of 1-7.5Y TIPS, and we get a new purchase schedule at 1500ET.
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