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Trading Heavy Ahead Of Light Schedule

US TSYS SUMMARY

Treasuries are trading heavy ahead of a light schedule Monday.

  • Jun 10-Yr futures (TY) down 12.5/32 at 131-30.5 (L: 131-25 / H: 132-05), so still within ranges, remaining slightly above the 131-23+ low set Friday.
  • Most notable quirk in the curve is that the 30-Yr is defying the broader sell-off. 10s30s touched 69.9bps, lowest since late Nov (which was 68.9bps low).
  • The 2-Yr yield is up 1.2bps at 0.1488%, 5-Yr is up 2.8bps at 0.826%, 10-Yr is up 2.3bps at 1.5889%, and 30-Yr is down 0.2bps at 2.2952%.
  • Overnight price action in tech (Nasdaq fading Friday's bounce) has caught the eye, as has renewed USD strength.
  • Only data is wholesale inventories / trade sales at 1000ET.
  • And no Fed speakers of course: pre-FOMC blackout period is underway.
  • In supply, $105B of 13-/26-week bill auctions at 1130ET. NY Fed buys ~$1.225B of 7.5-30Y TIPS.
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