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Yields Firm Ahead Of ADP, MNI Chicago PMI, Biden Speech

US TSYS SUMMARY

Yields have firmed after Tuesday's late-session dip but remain well off the highs, ahead of data and quarter-end.

  • Long-end takes a breather after Tuesday's rally: the 2-Yr yield is up 0.2bps at 0.1485%, 5-Yr is up 1.9bps at 0.9151%, 10-Yr is up 2.3bps at 1.7262%, and 30-Yr is up 2.1bps at 2.3892%.
  • Jun 10-Yr futures (TY) down 1.5/32 at 131-04.5 (L: 131-01 / H: 131-09.5).
  • Dollar and equities a little weaker.
  • The highlight of the day is Pres Biden's speech at 1620ET laying out his "American Jobs Plan" - incorporating $2.25trn in spending on infrastructure and other measures, with accompanying tax hikes to fund it. But given that the plan has already been published, unlikely to be a market mover.
  • In data, ADP private payrolls feature at 0815ET, with MNI Chicago PMI at 0945ET and pending home sales at 1000ET.
  • Atlanta Fed's Bostic speaks at 1045ET, while Treas Sec Yellen presides over the FSOC meeting at 1500ET.
  • In supply, $35B 119-day bill auction at 1130ET. NY Fed buys ~$1.75B of 20-30Y Tsys.
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