Tight Range Ahead Of Payrolls

A very tight overnight range for Treasuries (4 ticks between TY low and high) and meagre volumes, befitting little headline / macro news and uncertainty ahead of a much-anticipated nonfarm payrolls release.

• Sep 10-Yr futures (TY) up 1/32 at 131-20 (L: 131-18 / H: 131-22); ~180k traded.
• The 2-Yr yield is up 0.4bps at 0.1586%, 5-Yr is up 0bps at 0.8399%, 10-Yr is down 0.4bps at 1.6215%, and 30-Yr is unchanged at 2.296%.
• The May employment report is out at 0830ET: wide range of estimates out there (+335k to +1m), with BBG median +674k/MNI dealer median +650k. Plenty of attention on potential revisions to April, as well as the finer details in the release.
• Pres Biden set to deliver some remarks on the jobs report at 1015ET. (Also set to speak again w Sen Capito on infrastructure; reports Thurs suggested Republicans poised to reject Biden's 15% "tax floor" proposal.)
• Then we get Apr durable / capital goods (finals) and factory orders at 1000ET.
• Fed Chair Powell provides the last scheduled speaker slot of the pre-FOMC blackout period, at 0700ET (albeit on a climate panel). No text.
• No supply; NY Fed buys ~$3.225B of 7-10Y Tsys.