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What to Watch: Fed Speak, Tsy Supply, Tsy Rolls

US TSYS

Tsys moderately firmer, near overnight highs putting bonds back around the middle of Monday's range. Decent overall volumes (TYZ2>345k) elevated due to Dec/Mar rolling ahead First Notice -- March takes lead quarterly position on Wed, Nov 30.

  • Another limited data session (Richmond Fed Mfg Index: -8 est at 1000ET). More attn on Wednesday's release of the Nov 2 FOMC minutes -- in addition to weekly claims durables and UofM sentiment ahead Thursday's Thanksgiving holiday closure (Friday noon close, Globex 1215ET).
  • Fed speakers on tap:
    • Cleveland Fed Mester on wages & inflation, no text or Q&A at 1100ET (Mester late Monday on CNBC: POLICY IS JUST ENTERING A RESTRICTIVE STANCE .. ON'T THINK WE'RE ANYWHERE NEAR TO STOPPING .. but MOVING INTO A DIFFERENT CADENCE FOR POLICY, Bbg
    • Later today: KC Fed George, Central Bank of Chile policy panel, 1415ET followed by StL Fed Bullard at same venue at 1445ET. Link to Bank of Chile event: https://www.youtube.com/user/BancoCentralChile
  • Rounding out the week's Tsy note issuance today:
    • US Tsy $22B 2Y FRN auction re-open (91282CFS5) at 1130ET
    • US Tsy $35B 7Y Note auction (91282CFY2), 1300ET

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