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What to Watch: UofM Sentiment, Debt Ceiling

US TSYS
Treasury futures are drifting near recent lows - near Thursday's pre-PPI levels with front month 10Y futures at 115-28 (-5.5) on moderate volumes (TYM3 appr 295k).
Upcoming data has Import/Export price index metrics at 0830ET, but main focus is on UofM sentiment data at 1000ET.
  • Eager for any breakthrough on Debt ceiling after wires reported late Thursday that today's meeting with President Biden and Congressional leaders was postponed to next week.
  • On Bloomberg TV overnight, US Treasury Secretary Janet Yellen states that the Biden administration is "Working full time with Congress to raise the debt ceiling." Yellen: "If Congress fails to raise the debt ceiling we face financial and economic catastrophe."
  • Yellen: "I will update Congress on any change in date when the Treasury will run out of money to pay government's debts." Says there is "still some uncertainty" over the precise date the US will run out of cash.
  • Scheduled Fed speak: Fed Daly commencement speech at 1420ET while StL Fed Bullard and Fed Gov Jefferson will be on moderated panel discussion regarding monetary policy at Stanford at 1945ET.
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