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What to Watch: FOMC Minutes, PMI, ISM

MARKET INSIGHT

Tsys trading mostly firmer now (Sep Ultra-Bond still weaker) while 30Y bonds breach early London session highs (30YY 3.0242%). Modest volumes (TYU2 just over 330k), yield curves mixed (2s10s -.186 at -2.095; 5s10s +1.227 at -0.264).

  • Stocks mildly weaker/near lows: ESU2 -15.0 at 3819.0; Crude firmer, WTI +0.73 at 100.23; Gold back near steady at 1764.76 (Oct 2021 lvls).
  • Economic data:
    • S&P Global US Services PMI (51.6, 51.6); Comp (51.2, 51.2), 0945ET
    • ISM Services Index (55.9, 54.0), 1000ET
    • JOLTS Job Openings (11.4M, 10.9M), 1000ET
    • FOMC Meeting Minutes for Jun at 1400ET
  • Fed speak: NY Fed Williams open/close remarks virtual bank culture event, no text or Q&A at 0900ET
  • Tsy Auctions: US Tsy $30B 119D bill CMB auction at 1130ET
  • Geopol: Watching support for UK PM Johnson steadily decline as 17th government member resigns: Jo Churchill, a junior minister at the Department for Environment, Food, and Rural Affairs, has announced her resignation with PM Boris Johnson on his feet in the House of Commons answering PMQs.

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