What to Watch: Chair Powell in the House; Wkly Claims, 5Y TIPS

Tsy yields continue to recede - but off early London lows: 30YY at 3.2226% (-.0266) vs. 3.1716% low -- compares to late Tue high of 3.3922%. Stocks near highs (ESU2 +30.0 at 3792.75); Oil little softer after Wed's rout (WTI -.54 at 105.65); Gold weaker (-12.44 at 1825.30). Markets looking toward first significant round of data for the week, while Fed Chairman Powell returns for testimony in the House.

• Economic data:
  • Initial Jobless Claims (229k, 226k), 0830ET
  • Continuing Claims (1.312M, 1.320M), 0830ET
  • Current Account Balance (-$217.9B, -$275.0B), 0830ET
  • S&P Global US Manufacturing PMI (57.0, 56.0), 0945ET
  • Services PMI (53.4, 53.5); Composite (53.6, 52.8), 0945ET
  • Kansas City Fed Mfg Activity (23, 15), 1000ET
• Fed speakers, Chairman Powell in the House:
  • Fed Chair Powell House Fncl Services Panel testimony at 1000ET
• Tsy auctions:
  • US Tsy $35B 4W bill, $30B 8W bill auctions, 1130ET
  • US Tsy $18B 5Y TIPS auction re-open (91282CEJ6), 1300ET
• Geopol: 2022 virtual summit of BRICS gets underway today with Chinese host, president Xi Jinping set to push a global system based upon “multilateral cooperation with non-Western styles, forms and principles.” Meanwhile, Russian President Vladimir Putin said: "Despite all difficulties, BRICS business circles have been consistently enhancing mutually beneficial ties in the areas of trade, finance, & investment. For example, in first 3 months of this year, trade between Russia & BRICS countries increased by 38%."