Slight Steepening Ahead Of Powell, ISM

Treasuries have steadied out after turning lower in the European morning, and ahead of Fed speakers including Chair Powell and ISM data.

• Curve has steepened (5s30s testing Friday's highs), reversing a bit of overnight flattening: the 2-Yr yield is down 0.2bps at 0.1466%, 5-Yr is up 0.8bps at 0.3687%, 10-Yr is up 1.8bps at 0.8569%, and 30-Yr is up 2.4bps at 1.5914%.
• Mar 10-Yr futures (TY) down 2.5/32 at 138-3 (L: 138-00.5 / H: 138-07.5)
• Dollar weaker (by ~0.4% vs EUR and GBP) and equities gaining following end-Nov profit taking (eminis on the cusp of all-time highs).
• Fed's Powell appears before the Senate Banking Committee (alongside Tsy Sec Mnuchin) at 1000ET, with the obvious point of interest being the non-extension of various Tsy/Fed lending facilities beyond end-year.
• Gov Brainard speaks at 1200ET, SF's Daly at 1315ET, and Chicago's Evans at 1500ET.
• Final Nov PMI at 0945ET ahead of ISM Manufacturing and Oct Construction spending at 1000ET.
• Another slate of bill auctions today, with $60B in 42-/112-days at 1130ET, and $34B in 52--wk at 1300ET. NY Fed (which released its updated forward schedule yesterday) buys ~6.025B of 4.5-7Y Tsys.