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Turning Lower Ahead Of ECB, Jobless Claims

US TSYS SUMMARY

Treasuries have turned lower in the European morning after gaining in Asia-Pac trade overnight, but limited price action overall with the European Central Bank decision eyed at 0745ET (press conf at 0830ET).

  • Jun 10-Yr futures (TY) down 1/32 at 132-16 (L: 132-15.5 / H: 132-24.5). Highs hit overnight on a variety of headlines, including on US-Iran talks perhaps not as advance as had been suggested; COVID soaring in India; US fiscal (wrangling over infra bill size; Senate Republicans staking out showdown over debt ceiling).
  • The 2-Yr yield is unchanged at 0.1472%, 5-Yr is up 0.8bps at 0.805%, 10-Yr is up 0.7bps at 1.5627%, and 30-Yr is up 0.5bps at 2.2551%.
  • Equities trading sideways and the dollar failing so far to find decisive direction.
  • We get data for the first time this week: jobless claims at 0830ET; at same time we get Chicago Fed nat'l activity index. Later at 1000ET is existing home sales and Mar leading index, followed at 1100ET by KC Fed manufacturing.
  • In supply, we get $80B in 4-/8-week bills at 1130ET, with $18B 5Y TIPS auction at 1300ET - and note end-of-month coupon announcement at 1100ET. NY Fed buys ~$1.750B of 20-30Y Tsys.
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