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Weaker But Off Intraday Lows

US TSYS

Treasuries are a little weaker Tuesday, though off intraday lows.

  • Modest steepening in the cash curve: 2-Yr yield is up 0.6bps at 0.2304%, 5-Yr is up 0.7bps at 0.7754%, 10-Yr is up 1bps at 1.2617%, and 30-Yr is up 1.2bps at 1.8823%.
  • Sep 10-Yr futures (TY) trading well within the ranges of the past few sessions, last down 1.5/32 at 134-05.5 (L: 134-01 / H: 134-07.5).
  • Short-end supply highlights Tuesday's calendar: $60B 2Y Note auction at 1300ET (we also get $40B of 67-day bills at 1130ET). NY Fed buys ~$2.025B of 1-7.5Y TIPS.
  • A limited data slate today, with Richmond Fed Manufacturing at 1000ET (the latest in what has so far been a series of disappointing August surveys), with Jul new home sales at 1000ET.
  • Some attention on Afghanistan: G7 holds a videoconference at 0930ET, with Pres Biden delivering remarks at 1200ET.
  • On Capitol Hill, the Democratic Caucus meets at 0900ET to further debate next steps on fiscal legislation (after the House adjourned after midnight last night without a deal).
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