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Weaker Amid Tech Rout; Fed Speakers And 3-Yr Supply Ahead

US TSYS SUMMARY

Tsys remained on the back foot overnight Tuesday, finding little respite despite a continued rout in equities (led again by tech stocks). A busy Fed speaker schedule and 3-Yr supply lie ahead.

  • The 2-Yr yield is unchanged at 0.1528%, 5-Yr is up 0.7bps at 0.7902%, 10-Yr is up 0.6bps at 1.6075%, and 30-Yr is unchanged at 2.3256%. Jun 10-Yr futures (TY) down 2/32 at 132-17.5 (L: 132-14.5 / H: 132-23.5) , with volumes on the higher side (~350k traded as of 0620ET).
  • Nasdaq futures off 1.3%; dollar weaker. Notably, Tsys outperforming Bunds and Gilts. Of some note: overnight, 10-Year JGB auction drew its lowest bid/cover ratio since 2015.
  • Seven Fed speakers scheduled today: Clev's Mester (1000ET on Yahoo Finance), NY's Williams (1030ET), Gov Brainard (1200ET), SF's Daly (1300ET), Atl's Bostic (1315ET), Philly's Harker (1400ET), Minn's Kashkari (1430ET).
  • In data, NFIB small business optimism a shade worse than expected in Apr (99.8, vs 100.8 surv., 98.2 prior), with Mar JOLTS up at 1000ET.
  • Pres Biden meets state governors at 1300ET to discuss COVID vaccine rollout efforts.
  • In supply, we get $40B in 42-day bills auctioned at 1130ET, with the highlight being $58B in 3Yr Notes selling at 1300ET. NY Fed buys ~$2.425B of 1-7.5Y TIPS; last purchase before new schedule released Weds.
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