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Tsys Bounce Ahead Of More Fed Speakers, 2Y Auction

US TSYS SUMMARY

Treasuries have bounced from overnight lows for the second consecutive European session, with the curve now bull flatter. Fed speakers (including Chair Powell) and 2Y supply are the session's focal points.

  • The 2-Yr yield is down 0.8bps at 0.2464%, 5-Yr is down 1.1bps at 0.8764%, 10-Yr is down 1.9bps at 1.47%, and 30-Yr is down 2.6bps at 2.0838%.
  • Sep 10-Yr futures (TY) back toward the top of the session's range, up 2.5/32 at 132-09 (L: 132-00.5 / H: 132-10) - well within Monday's range though and on merely decent volume (~315k).
  • Dollar's stronger (DXY+0.2%) with stock futures consolidating after Monday's bounce.
  • Fed's Powell gives congressional testimony at 1400ET; the prepared portion was released Monday but little new there vs the FOMC press conference last week.
  • Other Fed speakers include NY's Williams (0925ET on BBG TV), Cleveland's Mester (1030ET) and SF's Daly (1100ET), the latter two with text and Q&A.
  • In supply, 1130ET is $40B 42-day bill auction, with $60B 2Y Notes selling at 1300ET.
  • Data includes existing home sales and Richmond Fed mfg at 1000ET.
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