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Near Session Lows With Chicago PMI And Consumer Conf Ahead

US TSYS SUMMARY

Treasuries are little changed to start Tuesday, and are taking a bit of a breather following gains the past two sessions ahead of Chicago PMI and consumer confidence data.

  • Weaker-than-expected China PMI helped support Tsys in Asia-Pac trade, but they slipped to session lows following a higher-than-expected August inflation reading for the eurozone (to a decade-high) at 0500ET.
  • This has left Sep 10-Yr futures basically flat on the session: down 0.5/32 at 134-3.5 (L: 134-03 / H: 134-09).
  • 10Y underperforming on the curve: The 2-Yr yield is up 0.2bps at 0.2034%, 5-Yr is up 0.5bps at 0.7724%, 10-Yr is up 0.8bps at 1.2869%, and 30-Yr is up 0.5bps at 1.9018%.
  • Today's highlights are MNI Chicago PMI at 0945ET, followed shortly afterwards by Conference Board Consumer Confidence at 1000ET.
  • No scheduled Fed speakers and only supply is $45B 21-day bills at 1130ET.
  • NY Fed buys ~$1.425B of 10-22.5Y Tsys.
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