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What to Watch: Fed Speak, Biden/Xi at G20 Summit

US TSYS
Tsys moderately weaker to start the new week, yield curves steeper (2s10s +1.570 at -50.811) on decent volumes (TYZ2>400k).
  • No data Monday, focus on Fed speak as rates gradually unwind last Thu's post-CPI rally. Fed Gov Waller eco-outlook from Australia last night: ""We're at a point we can start thinking maybe of going to a slower pace," Waller said, but "we're not softening...Quit paying attention to the pace and start paying attention to where the endpoint is going to be. Until we get inflation down, that endpoint is still a ways out there" DJ reported.
  • Additional Fed speak on tap Monday: Fed VC Brainard eco-outlook, Bbg event, no text, Q&A at 1130ET, NY Fed Williams panel discussion later this evening at 1830ET.
  • Geopolitical: Mkt waiting for more detailed comments from Pres Biden/Pres XI meeting prior to the G20 summit in Bali. Chinese state media are saying Xi and Biden are now having the closed door meeting, so prepared statements will be some time yet.
  • US Tsy auctions: $57B 13W, $45B 26W bills at 1130ET

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