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Off Overnight Lows, 5Y Supply And Fed Speakers Ahead

US TSYS SUMMARY

Tsys have bounced from the lows in European trade, leaving them largely unchanged on the day so far with the curve mildly steeper. Fed speakers (again), 5Y supply and PMI data coming up.

  • Sep 10-Yr futures (TY) steady at at 132-11.5 (L: 132-07.5 / H: 132-15), with volumes on the light side (~220k).
  • The 2-Yr yield is up 2bps at 0.2484%, 5-Yr is up 0.3bps at 0.8586%, 10-Yr is up 1bps at 1.4733%, and 30-Yr is up 1.7bps at 2.1028%.
  • Once again, Fed speakers in the spotlight following Chair Powell's nondescript Congressional testimony yest.Gov Bowman at 0900ET, Atlanta's Bostic at 1100ET, and Boston's Rosengren at 1630ET.
  • Data focus is prelim Jun PMIs at 0945ET and May new home sales at 1000ET; we also get weekly MBA mortgage apps at 0700ET and 1Q current account balance at 0830ET.
  • Following Tuesday's decent 2Y auction, we get $61B 5Y Note auction at 1300ET. Also $26B 2Y FRN alongside $40B 119-day bill sale at 1130ET. NY Fed buys ~$6.025B of 4.5-7Y Tsys.
  • In D.C., infrastructure talks are expected to continue (Pelosi / Schumer at the White House), Tsy Sec Yellen appears before the Senate Appropriations committee on the 2022 budget at 1400ET.
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