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Bear Flattening Ahead Of 3Y Supply

US TSYS

Treasuries have edged lower from Friday's highs, with some bear flattening in the curve to start the week.

  • The 2-Yr yield is up 3.2bps at 0.4327%, 5-Yr is up 3.4bps at 1.0894%, 10-Yr is up 3bps at 1.481%, and 30-Yr is up 2bps at 1.9068%. Dec 10-Yr futures (TY) down 9.5/32 at 131-17 (L: 131-15 / H: 131-25.5).
  • While there's no major data out Monday (this week's focus is CPI Weds), we hear for the first time from several FOMC participants since last week's meeting.
  • VC Clarida speaks at 0900ET (on monetary policy); Powell at 1030ET (at a Fed diversity conference); Philly's Harker (at Econ Club of NY) and Gov Bowman (on the housing market) at 1200ET ; and Chicago's Evans at 1350ET (on econ outlook and mon pol).
  • The other highlight comes in supply, with $56B 3Y Note auction at 1300ET. There's also $93B combined of 13-/26-week bills at 1130ET.
  • NY Fed buys $2.025B of 22.5-30Y Tsys.
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