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Ticking Higher As We Await Debate

US TSYS SUMMARY

Treasuries have ticked higher as we await a busy schedule in the day ahead, with a bevy of Fed speakers, fiscal stimulus talks, and the long-awaited first presidential debate.

  • The tone has been generally risk-off; S&P futures are off lows but remain slightly weaker on the session; USD's been on the back foot too.
  • Dec 10-Yr futures (TY) up 3/32 at 139-23, tight range though (L: 139-20 / H: 139-23). The 2-Yr yield is unch at 0.125%, 5-Yr is unchanged at 0.2579%, 10-Yr is down 0.3bps at 0.6495%, and 30-Yr is down 1bps at 1.4052%.
  • Sec Mnuchin and House Speaker Pelosi due to speak this morning on stimulus plans; biggest focus though is on the Trump-Biden debate at 2100ET.
  • Plenty of Fed speakers as well, with the NY Fed hosting its annual Treasury Market Conference. We begin with NY Fed's VP Held at 0825ET (on Libor); Pres Williams at 0915ET; Fed VC Clarida at 1140ET. Other Fed speakers include Philly's Harket (0930ET), Williams (again) at 1300ET; Quarles (1300ET and 1500ET).
  • In data, Aug Inventories data at 0830ET; Sep Conf Board consumer confidence at 1000ET.
  • In supply, $60B combined of 42-/119-day Bills at 1130ET. NY Fed released its forward Tsy purchase schedule Monday; a day off today, resuming Weds buying 4.5-7Ys.
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