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US TSYS: Mildly Twist Steeper, CAD CPI A Potential Driver Ahead

US TSYS
  • Treasuries remain with yesterday’s range, with a mild twist steepening ahead of a thin docket where headlines/flow are likely in the driving seat along with potential spillover from Canadian CPI at 0830ET. 
  • Attention however is ultimately on tomorrow's preliminary payrolls revisions and FOMC minutes before Powell's Jackson Hole speech on Friday. 
  • Cash yields are 1bp lower (2s) to 1bp higher (30s). 
  • 2s10s at -18bps (+1.3bp) has lifted off yesterday’s latest low of -20.1bp which had more than reversed the post-payrolls steepening seen in early August. 
  • TYU4 at 113-06 (-01) has remained within yesterday’s range throughout, on subdued volumes of 255k.
  • Support is seen at 112-20+ (20-day EMA) whilst the trend structure is deemed bullish and volatility of recent weeks leaves some way to go before resistance at 114-03 (Aug 6 high) before a bull trigger at 115-03+ (Aug 5 high). 
  • Data: Philly Fed non-mfg index Aug
  • Fedspeak: Bostic (1335ET), Barr (1445ET) – see STIR bullet on how these are unlikely to touch mon on pol.  
  • Bill issuance: US Tsy $75B 42D bill CMB auction (1130ET)
USBulletGlobalFixed Income BulletsRegionNorth America
USBulletGlobalFixed Income BulletsRegionNorth America

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