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Paring Of Yesterday’s Net Losses, Fedspeak Again In Focus

US TSYS
  • Treasuries have pared most of yesterday’s corporate supply-induced net losses, aided by a more than 1% decline in WTI.
  • Cash yields sit 2-2.5bp lower on the day, with 2s10s unchanged at -40bps.
  • TYM4 at 109-04+ is 1+ ticks off session highs but again with subdued overnight volumes at 215k.
  • Yesterday’s low of 108-30+ marked another step towards support at 108-28 (20-day EMA) in what’s deemed a corrective pullback, whilst resistance is seen at the bull trigger of 109-31+ (May 16 high).
  • Today sees another day with no notable data and focus instead on Fedspeak, although this time is more clearly concentrated around Governor Waller’s discussion on the economy and monetary policy. A light data docket could also see some spillover from any large surprises in Canadian CPI at 0830ET.
  • Data: Philly Fed non-mfg May (0830ET)
  • Fedspeak: Barkin (0900ET), Waller (0900ET), Williams (0905ET), Bostic (0910ET), Barr (1145ET), 1900ET Botic moderates panel with Collins and Mester (1900ET) – see STIR bullet
  • Bill issuance: US Tsy $75B 43D CMB Bill (1130ET)
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