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Off Highs Ahead Of Data, Supply, Speakers

US TSYS SUMMARY

A bit of a breather for Treasuries in early European trade, as strong European PMI data helped take the steam out of the global core FI rally. A busy US calendar awaits, with Fed speakers, data, and supply (2Y FRN and 5Y Note).

  • The 2-Yr yield is up 0.5bps at 0.1504%, 5-Yr is up 0.3bps at 0.819%, 10-Yr is up 0.4bps at 1.6242%, and 30-Yr is down 0.4bps at 2.3226%.
  • Jun 10-Yr futures (TY) up 2.5/32 at 132-0 0 (L: 131-31/ H: 132-09) Notably, TYs today touched the Mar 17 (FOMC decision) high of 132-09 before retreating.
  • Fed's Powell and Tsy's Yellen go for round two of testimony in Congress, today before the Senate Banking committee starting at 1000ET. The other Fed speakers: Richmond's Barkin at 0850ET, NY's Williams at 1335ET, SF's Daly at 1500ET, and Chicago's Evans at 1900ET.
  • Atlanta Fed Pres Bostic told the WSJ in an interview published this morning that he was one of 7 FOMC members who saw rate hike liftoff in 2023 in the March SEP 'dot plot'.
  • In data, at 0830ET we get durable goods numbers, with March flash PMIs at 0945ET.
  • In supply, $26B 2Y FRN sale at 1130ET (alongside $35B 119-day bills), with $61B 5Y Note at 1300ET. NY Fed buys ~$8.825B of 2.25-4.5Y Tsys.
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