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What to Watch

US TSYS
  • Treasury futures trading weaker, near late overnight lows (TYM3 115-13.5 vs. 115-06.5 low), stocks gradually climbing off late Wednesday lows for the week, S&P Eminis +27.0 at 4103.0 vs. 4070.25 low.
  • Markets watching for any new developments in the debt ceiling after the House narrowly passed the Limit, Save, Grow Act of 2023 late Wednesday by a narrow margin (217-215). While the 320 page bill passes to the Senate majority leader Chuck Schumer (D-NY) has already declared the bill 'dead on arrival' given the demands it lays out for strict spending restrictions.
  • Data coming up at the bottom of the hour includes weekly claims, GDP and PCE. Pending home sales follows at 1000ET.
  • Last round of the week's Treasury supply: $50B 4W, $45B 8W bill auctions at 1130ET followed by $35B 7Y note auction (91282CGZ8) and $45B 17-Day CMB auctions at 1300ET.

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