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US TSYS: A Lighter Docket With Fed Comms and 10Y Supply To Headline

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries are little changed on the day, consolidating yesterday’s late rally to remain more firmly within recent ranges.
  • A light data docket today sees tomorrow’s US CPI firmly in focus (preview). Fed commentary sees some attention in the interim, including the FOMC minutes, along with 10Y supply.
  • Last month’s 10Y auction traded through by 1.4bp with solid internals whilst yesterday’s 3Y saw a modest 0.8bp tail and more notably weaker internals.
  • Cash yields are 0.8bp lower (2s) to 0.7bps higher (30s), with mild steepening in 2s10s to 6.5bps (+1bp).
  • TYZ4 has kept to narrow ranges overnight, currently at 112-18 (+ 03) for well within yesterday’s range and with below average volumes of 285k.
  • Yesterday’s low of 112-10 saw the bear threat remain intact in another push towards the round 112-00 after which sits 111-14 (50% retrace of Apr-Sep bull cycle, cont.).
  • Data: MBA mortgage data (0700ET), Wholesale inventories/sales Aug F/Aug (1000ET)
  • Fedspeak: Bostic welcome remarks (0800ET), Logan (0915ET, text only), Goolsbee opening remarks (1030ET), Jefferson on discount window (1230ET, text + Q&A), FOMC minutes (1400ET), Collins (1730ET, text +Q&A), Daly in moderated discussion (1800ET) – see STIR bullet
  • Note/bond issuance: US Tsy $39B 10Y Note auction re-open - 91282CLF6 (1300ET)
  • Bill issuance: US Tsy $64B 17W Bill auction (1130ET)
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  • Treasuries are little changed on the day, consolidating yesterday’s late rally to remain more firmly within recent ranges.
  • A light data docket today sees tomorrow’s US CPI firmly in focus (preview). Fed commentary sees some attention in the interim, including the FOMC minutes, along with 10Y supply.
  • Last month’s 10Y auction traded through by 1.4bp with solid internals whilst yesterday’s 3Y saw a modest 0.8bp tail and more notably weaker internals.
  • Cash yields are 0.8bp lower (2s) to 0.7bps higher (30s), with mild steepening in 2s10s to 6.5bps (+1bp).
  • TYZ4 has kept to narrow ranges overnight, currently at 112-18 (+ 03) for well within yesterday’s range and with below average volumes of 285k.
  • Yesterday’s low of 112-10 saw the bear threat remain intact in another push towards the round 112-00 after which sits 111-14 (50% retrace of Apr-Sep bull cycle, cont.).
  • Data: MBA mortgage data (0700ET), Wholesale inventories/sales Aug F/Aug (1000ET)
  • Fedspeak: Bostic welcome remarks (0800ET), Logan (0915ET, text only), Goolsbee opening remarks (1030ET), Jefferson on discount window (1230ET, text + Q&A), FOMC minutes (1400ET), Collins (1730ET, text +Q&A), Daly in moderated discussion (1800ET) – see STIR bullet
  • Note/bond issuance: US Tsy $39B 10Y Note auction re-open - 91282CLF6 (1300ET)
  • Bill issuance: US Tsy $64B 17W Bill auction (1130ET)