What to Watch: More Fed Speak, New Home Sales, Biden to Brussels

US FI markets trading mixed at the moment, long end reversing late overnight bid to modestly weaker, yield curves steepening off flatter levels (5s10s just inside inversion at -.077 vs. -2.077 low)

• Inside range for rates on decent volumes (TYM2>420k), equities weaker (SPX eminis -22.0 at 4483.0) as markets await more Fed speakers addressing inflation, while keeping eye on Russia/Ukraine headline risk while Pres Biden departs for Brussels this morning for NATO summit Thursday.
• Short end pricing in increased chances of 50bp hike in early May (FOMC May 3-4).
• Fed speakers:
  • Fed Chair Powell, BIS Innovation panel event, moderated Q&A at 0800ET
  • SF Fed Daly, moderated discussion Bbg equality summit at 1145ET
  • StL Fed Bullard economic outlook, no text, moderated Q&A at 1500ET and again later in evening at 2105ET w/ pre-recorded economic outlook at Credit Suisse conf
• Limited morning data again, coming up at 1000ET (prior, est):
  • New Home Sales (801k, 810k); MoM (-4.5%, +1.1%)
• Treasury auctions:
  • US Tsy $22B 2Y Note FRN reopen auction (91282CDU2) at 1130ET
  • US Tsy $16B 20Y Bond auction re-open (912810TF5) at 1300ET