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Strength Continues Ahead Of Jobless Claims Data, Powell Round 2

US TSYS SUMMARY

Treasuries continue to strengthen Thursday with the curve bull flattening, continuing yesterday's move triggered by Fed Chair Powell maintaining a dovish tone in congressional testimony.

  • Tsys are off best levels overnight (10Y yields hit 1.3089%, nearing last Friday's lows) though, on hawkish commentary by the Bank of England's Saunders (0600ET) sending Gilts lower and Bunds/Tsys with them.
  • The 2-Yr yield is down 0.2bps at 0.2211%, 5-Yr is down 1.6bps at 0.7784%, 10-Yr is down 1.9bps at 1.3273%, and 30-Yr is down 2.2bps at 1.9487%. Sep 10-Yr futures (TY) up 6.5/32 at 133-21 (L: 133-15.5 / H: 133-26) on strong volume (~400k).
  • Apart from Powell's Day 2 of testimony (before the Senate, 0930ET), we get Fed commentary from Chicago's Evans at 1100ET.
  • In data: weekly jobless claims / Empire State / Philly Fed at 0830ET, with ind prod. at 0915ET.
  • Supply consists of $75B of 4-/8-week bill auctions at 1130ET; NY Fed buys ~$12.425B of 0-2.25Y Tsys.
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