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Tsys Firmer As FOMC Speakers Awaited

US TSYS SUMMARY
  • Tsys are a little stronger in early trade with equities trading mixed. Not much driving in the overnight session headline-wise, with a bit of bull flattening in the curve; most focus will be on Fed speakers following Wednesday's FOMC decision, as well as UMich sentiment.
  • The 2-Yr yield is unch at 0.1351%, 5-Yr is down 1bps at 0.2675%, 10-Yr is down 1.5bps at 0.674%, and 30-Yr is down 1.9bps at 1.42%. Dec 10-Yr futures (TY) up 1.5/32 at 139-16 (L: 139-11.5 / H: 139-17) on unremarkable volume (154k traded as of 0630ET).
  • In Fed speakers, we get StL's Bullard at 1000ET, Atl's Bostic at 1200ET, and Minneapolis' Kashkari at 1500ET.
  • Of course, Kashkari dissented at this week's meeting; usually we get explanations of FOMC dissents by the following Friday, so we may well hear from Dallas' Kaplan too (and/or from Kashkari in a blog etc prior to his appearance later in the session).
  • A thin data calendar otherwise: we get Q2 current account at 0830ET, with 1000ET bringing Sep UMich sentiment / Aug leading indicators.
  • NY Fed buys ~$12.825B of 0-2.25Yrs.
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