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A quiet overnight session for Treasuries well within Thursday's ranges as we gear up for the April employment report at 0830ET.

  • In the only overnight event of real note, Jun 10-Yr futures (TY) briefly hit session lows in sympathy w Bunds around 0830ET as ECB's Kazaks floated possibility of a slowdown in bond purchases in April. Last down 2.5/32 at 132-19 (L: 132-17.5 / H: 132-21.5).
  • The 2-Yr yield is up 0.4bps at 0.1567%, 5-Yr is up 0.2bps at 0.8062%, 10-Yr is up 0.8bps at 1.5771%, and 30-Yr is up 0.5bps at 2.2471%.
  • NFPs seen +1mn in April in BBG survey (+1.1mn in MNI Dealer Median), with the unemp rate falling to 5.8% from 6.0% prior.
  • In other potential D.C. intrigue today, Pres Biden will discuss the April jobs report at 1130ET, with Treas Sec Yellen doing a press briefing at 1230ET.
  • We also get wholesale inventories/trade sales data at 1000ET, and Mar consumer credit at 1500ET.
  • Richmond Fed's Barkin appears at 0900ET.
  • No supply or NY Fed operational purchases.