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Reversing Thursday's Gains Ahead Of PPI, Clarida

US TSYS SUMMARY

Yields have backed up vs late Thurs/overnight Fri lows. Attention on PPI and an appearance by Fed's Clarida.

  • 7Y-10Y segment underperforming. The 2-Yr yield is up 0.8bps at 0.1568%, 5-Yr is up 3.9bps at 0.874%, 10-Yr is up 5bps at 1.6691%, and 30-Yr is up 3.9bps at 2.3457%. Jun 10-Yr futures (TY) down 10.5/32 at 131-21.5 (L: 131-20.5/ H: 132-02.5).
  • Fed speakers in focus. VC Clarida is interviewed on Bloomberg TV at 0800ET.
  • Late Thurs, SF's Daly said on "substantial further progress", "we don't have to expect it, we have to see it". Dallas's Kaplan (at both 1000ET and 1200ET) also appears.
  • Reminder that late yesterday, longer-dated Tsys strenghtened as NY Fed SOMA manager Logan arguably made the most interesting comments on Fed policy post-March FOMC. She said re asset purchase tweaks that 20-Year Tsy buys from the Fed could tick higher, with TIPS buys reducing.
  • Logan also noted that O/N RRP policy and/or administered rates could be adjusted, and in coming months the NY Fed is looking to broaden the list of eligible RRP counterparties.
  • Data today consists of PPI at 0830ET and wholesale inventories at 1000ET.
  • No supply; NY Fed buys ~$3.625B of 7-20Y Tsys.
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