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Moving Lower On Sino-US 'Progress'

US TSYS SUMMARY

Treasuries continue to head lower with the curve bear steepning, again taking a cue from rising equities / risk appetite ('progress' in US-China trade talks reported overnight, and continuing optimism over COVID vaccine/treatment).

  • The 2-Yr yield is up 1bps at 0.1615%, 5-Yr is up 1.8bps at 0.2995%, 10-Yr is up 2.9bps at 0.6835%, and 30-Yr is up 3.8bps at 1.3942%.
  • Sep 10-Yr futures (TY) down 9/32 at 139-7.5 (L: 139-07.5 / H: 139-15.5).
  • Data is all at 1000ET: Aug Conf. Board consumer confidence alongside Jul new home sales and Aug Richmond Fed manufacturing,
  • Today's supply: $60B of 42-/110-day bills at 1130ET, with the highlight being $50B 2Y note sale at 1300ET. NY Fed buys ~$2.425B of TIPS.
  • SF Fed's Daly speaks at 1525ET on "inequity and COVID-19", the last scheduled Fed speaker before Jackson Hole kicks off Thursday.
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