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Free AccessSlightly Upbeat Mood Ahead Of PCE
Tsys have pulled back from overnight highs Friday to sit largely flat, with PCE data the session's focus.
- Sep 10-Yr futures (TY) down 2/32 at 132-03.5, but well within prior session's ranges (L: 132-02 / H: 132-06.5) and on weak volume (~170k as of 0600ET).
- 30Yr outperforming: 2-Yr yield is up 0.2bps at 0.27%, 5-Yr is up 0.2bps at 0.9151%, 10-Yr is down 0.2bps at 1.4901%, and 30-Yr is down 1bps at 2.0878%.
- Sentiment's been largely positive overnight, with a tentative bipartisan infrastructure agreement in place (though many questions remain). Stock futures briefly touched all-time highs before retracing; the dollar has softened slightly.
- 0830ET sees the May personal income/spending report. The Fed's preferred inflation indicator, the PCE deflator, will be a focus (0.6% M/M prior, 0.5% estimate; core 0.7% prior, 0.6% estimate). Final Jun UMich sentiment at 1000ET.
- In Fed speakers, we get Minn's Kashkari at 1000ET, Cleveland's Mester at 1130ET, Boston's Rosengren at 1300ET, and NY's Williams at 1500ET.
- No supply; NY Fed buys ~$8.425B of 2.25-4.5Y Tsys.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.