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US EURODLR FUTURES

BLOCK, Red Pack

PIPELINE

AerCap 9-Tranche Jumbo Spans 2Y-20Y

US TSY FUTURES

Volume Pick-Up As Bonds Sell-Off

EMERGING MARKETS

USDTRY Rallies And Resumes It Uptrend

PIPELINE

AerCap 9-Tranche Debt Issuance on Tap

US TSYS SUMMARY

Treasuries have edged lower in orderly fashion to start the week, with economic reopening progress being weighed between Friday's weaker-than-expected payrolls figure and this coming Thursday's inflation print.

  • Sep 10-Yr futures (TY) down 5/32 at 132-01.5 (L: 132-00.5 / H: 132-07). Some bear steepening in the curve: 2-Yr yield is up 0.6bps at 0.1507%, 5-Yr is up 1.8bps at 0.7965%, 10-Yr is up 2.7bps at 1.5806%, and 30-Yr is up 3bps at 2.261%.
  • While Tsys have held on to most of Friday's post-payrolls gains, the tone is a little weaker with Treas Sec Yellen's comments over the weekend that "a slightly higher interest rate environment ...would actually be a plus for society's point of view and the Fed's point of view" in reference to Pres Biden's spending ambitions.
  • On that note, Biden-Sen Capito infra talks continue today; House of Reps will begin marking up an infra bill Wednesday, with or without bipartisan support (per US Energy Sec Granholm).
  • The other weekend news of note was the G7's agreement on broader implementation of a minimum corporate tax rate structure (weighing a little on tech stocks).
  • Apr consumer credit the only data point (1500ET); no Fed speakers (pre-FOMC blackout).
  • Tsy sells $111B of 13-/26-week bills at 1130ET; NY Fed buys ~$3.625B of 7-20Y Tsys.
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com
MNI London Bureau | +44 203-865-3807 | tim.cooper@marketnews.com