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Weaker Ahead Of Durable Goods And 2-/5-Yr Supply

US TSYS SUMMARY

Tsys are a little lower to start the week, with durable goods data and 2-/5-yr supply coming up, and ahead of the FOMC decision and Pres Biden's address Weds.

  • Curve a little steeper: the 2-Yr yield is up 0.2bps at 0.1595%, 5-Yr is up 1.6bps at 0.8327%, 10-Yr is up 2.5bps at 1.5826%, and 30-Yr is up 2.5bps at 2.259%.
  • Jun 10-Yr futures (TY) down 5/32 at 132-09 (L: 132-07.5 / H: 132-15), with avg volumes (278k) amid light headline flow in Asia-Pac / Europe.
  • Most attention overnight on India COVID crisis, EU opening up to vaccinated US travellers this summer, and anticipation re Biden's address to Congress.
  • While Fed meeting this week is seen largely as a placeholder, some see risks of a hawkish tweak of messaging and/or a change in administered rates. Our preview will be out later today.
  • Data for the week starts with durable goods at 0830ET. Retail sales revisions out at 1000ET, with Dallas Fed manufacturing at 1030ET.
  • In a front-loaded supply week (due to FOMC Weds), we get two note auctions today: 1130ET $60B 2-Yr Note (alongside $54B 26-week bills) and 1300ET $61B 5-Yr Note (alongside $57B 13-week bills).
  • NY Fed buys ~$3.625B of 7-20Y Tsys.
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