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Treasuries Pause For Breath Ahead Of Payrolls

US TSYS
  • Cash Tsys have consolidated two days of sizeable sell-offs, with little direction ahead of payrolls. A small bull steepening on the day sees 2s5s dip further back into positive territory and 2s10s almost completely flat.
  • 2YY -1.4bps at 3.000%, 5YY -0.5bps at 3.027%, 10YY -0.5bps at 2.989%, 30YY -0.1bps at 3.184%.
  • TYU2 trades 5 tickers higher at 118-14 with subdued volumes but keeps very much towards the bottom of the week’s range. The short-term pullback is considered corrective, with support at yesterday’s low of 118-06 and resistance at 120-16+ (Jul 6 high).
  • Data: Payrolls for Jun at (0830ET), final wholesale inventories for May (1000ET) and consumer credit for May (1500ET). In-depth payrolls preview here: https://marketnews.com/markets/pdfs/mni-us-payrolls-preview-growth-concerns-thrown-into-the-mix
  • Fedspeak: Bostic (’24 voter) with CNBC interview at 0845ET and NY Fed’s Williams with expected mon pol discussion at 1100ET.
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