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Off Lows Ahead Of PCE/Income And MNI Chicago PMI

US TSYS SUMMARY

Treasuries have edged higher from Asia-Pac lows, but remain weaker and have stayed well within Weds/Tues' ranges on limited volumes.

  • Jun 10-Yr futures (TY) down 2/32 at 131-29.5 (L: 131-26 / H: 132-00), ~240k traded. The 2-Yr yield is up 0.2bps at 0.1643%, 5-Yr is up 0.7bps at 0.8702%, 10-Yr is up 0.9bps at 1.6437%, and 30-Yr is up 0.5bps at 2.3036%.
  • Bounce off lows came amid softer-than-expected Chinese PMI data, but not much to report since then, certainly not compared to the price action of the previous two sessions. Softness in equity futures/dollar strength probably helping support Tsys a bit.
  • Data is the focus to close out the week, with 0830ET seeing the release of March personal income/spending, incl the Fed's preferred PCE inflation metric.
  • 0945ET sees MNI Chicago PMI, with final UMich Cons Sentiment at 1000ET.
  • Dallas Fed's Kaplan speaks at 0945ET.
  • No supply; NY Fed buys ~$12.825B 0Y-2.25Y Tsys.
  • Month-end is here, but only small extensions seen for Tsys.
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