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What to Watch: Lower Tsy Ylds, Oil and Stocks Ahead Fed Powell

MARKET INSIGHT

Tsy futures trading broadly higher back near pre-FOMC levels, global growth concerns spurring risk-off bid for rates. Oil bid evaporates, WTI -5.0 at 104.52 -- Pres Biden speaking at 1400ET is expected to ask Congress to suspend Federal fuel tax for three months.

  • Economic data, limited to MBA Mortgage applications: 4.2% vs. 6.6% prior; refis -3%; 30Y conforming mortgage rate 5.98% vs. 5.65% prior -- highest since 2008.
  • Fed speakers, focus on Chairman Powell Senate testimony:
    • Richmond Fed Barkin, West Virginia CoC virtual event at 0900ET
    • Fed Chair Powell semi-annual Senate panel testimony, 0930ET
    • Richmond Fed Barkin speaks w/ Federal City Council, 1200ET
    • Chicago Fed Evans economic Outlook, 1250ET
    • Philly Fed Harker, Richmond Fed Barkin outlook, no text, Q&A, 1330ET
  • Tsy auctions:
    • US Tsy $30B 119D bill CMB, $22B 2Y FRN note (91282CEL1), 1130ET
    • US Tsy $14B 20Y Bond auction re-open (912810TH1), 1300ET
  • Geopol: China's Pres Xi at BRICS Business Forum: calls for "joint efforts to seek and safeguard peace. History has shown that hegemony, group politics and bloc confrontations bring neither peace nor stability, but rather war and conflict." Adds "China will continue to improve the level of opening up to the outside world, and warmly welcomes foreign investment to share development opportunities."
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