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What a Short, Strange Trip It's Been

US TSYS SUMMARY
After risk-off rout that sent 30YY to 1.7781% five month lows earlier in week, rates reversed in the second half of week as equities climbed to new all-time highs (ESU1 over 4406.0 after the FI close) had 30YY back to 1.9484% Friday after climbing to 1.9649% high Wed.
  • Sep 30Y futures (USU1) traded down to 163-14 by midmorning -- see-sawed to middle of session range at 164-00 by the close albeit on light summer volumes. Generally quiet -- sights set on next week's FOMC on Wed, Q2 GDP, Tsy supply (2-, 5- and 7Y notes), and a slew of equity earnings.
  • Meanwhile, the statutory debt limit suspension expires Saturday, July 31. Tsy Sec Yellen in a note to Congress said "If Congress has not acted to suspend or increase the debt limit by Monday, August 2, 2021, Treasury will need to start taking certain additional extraordinary measures in order to prevent the United States from defaulting on its obligations."
  • The 2-Yr yield is up 0bps at 0.2001%, 5-Yr is down 0.4bps at 0.715%, 10-Yr is up 0.5bps at 1.283%, and 30-Yr is up 0.4bps at 1.9203%.
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