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Weaker Ahead Of PPI And Fed's Mester

US TSYS

Treasuries have retraced most of Thursday's gains, and now sit well off the post-30Y auction highs. After fairly quiet Asia-Pac trade, Tsys dropped after the London open alongside a move lower in Bunds / Gilts and higher in equities.

  • Curve has bear steepened: the 2-Yr yield is up 0.6bps at 0.2187%, 5-Yr is up 1.6bps at 0.8047%, 10-Yr is up 2.9bps at 1.3258%, and 30-Yr is up 2.8bps at 1.9255%.
  • Dec 10-Yr futures (TY) down 6/32 at 133-10 (L: 133-08.5 / H: 133-16)
  • Aug PPI at 0830ET and Wholesale Jul Inventories at 1000ET form today's data.
  • Cleveland Fed's Mester is the lone scheduled FOMC speaker, at 0900ET.
  • A couple of Fed headlines overnight: WSJ ran a piece pointing to the FOMC agreeing at the Sep meeting to begin tapering in November. Also Dallas' Kaplan and Boston's Rosengren will sell their individual stock holdings after controversy over their recent trading activity.
  • No supply: NY Fed buys ~$8.425B of 2.25-4.5Y Tsys.
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