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Yields Continue To Move Lower With Global Growth Risks Rising

US TSYS

Global recession fears - underlined by weak PMI figures out of Europe - continued to boost Treasuries overnight, with the curve belly outperforming.

  • Yields have now pared most of their rise over the previous two weeks: 2-Yr yield is down 5.2bps at 3.004%, 5-Yr is down 6.5bps at 3.1656%, 10-Yr is down 4.7bps at 3.1094%, and 30-Yr is down 4.6bps at 3.203%.
  • June prelim PMI readings at 0945ET will be in focus, particularly following downside surprises in European readings this morning.
  • We also get jobless claims data at 0830ET and KC Fed Manufacturing Activity at 1100ET.
  • Fed Chair Powell returns to Capitol Hill for his 2nd day of testimony, before the House Financial Services Committee at 1000ET. No other scheduled FOMC speakers.
  • Supply includes 4-/8-week bills, with 5Y TIPS selling at 1300ET.
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