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What to Watch: PPI, Weekly Claims, Fed Speakers Daly and Waller

US TSYS
  • Treasury futures firmer but off early London highs, levels well past Wed's post-CPI related highs with 10s back to June 29 levels (TYU3 112-24.5 high). Strong support in 2s helped 2s10s climb to month high of -82.676 this morning (-110.841 on July 3) as rate hike expectations cool.
  • Focus on this morning's weekly claims (+250k est) and PPI (MoM 0.2 est); YoY (0.4% est) at 0830ET. Monthly Budget Statement later this afternoon at 1400ET. Tomorrow sees import/export price index data and UofM sentiment data.
  • Scheduled Fed speakers include SF Fed Daly interview on CNBC at 1110ET, Fed Gov Waller on economic outlook (text, Q&A. livecast) at 1845ET. Reminder: Fed enters policy blackout Friday at midnight.
  • Treasury auctions wrap up the week with $70B 4W, $60B 8W bills at 1130ET, $18B 30Y Bond auction re-open (912810TR9) at 1300ET.
  • Geopol: Wires reporting that US Secretary of State Antony Blinken has held a meeting with China's top diplomat Wang Yi on the sidelines of the annual ASEAN meeting of foreign ministers in Jakarta, Indonesia. The meeting is the second in month between Blinken and Wang as momentum gathers in attempts to stabilise ties between the countries.
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