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Yields Higher in Eco-Summit Aftermath

US TSYS
Tsys trading weaker on more modest overnight volumes with London markets closed for bank holiday. Yield curves mixed (2s10s +1.538 at -34.653, 5s30s -2.153 att -3.798), short end steeper following Fri's bear flattening following KC Fed's Jackson Hole economic summit.
  • Tsy 2YY tapped 3.4804% high - highest since November 2007 as hawkish summit messaging continued through Saturday after Fed Chairman Powell communicated the Fed needs to get restrictive and STAY restrictive for an extended period of time.
  • ECB: Governing Council member Martins Kazaks said the ECB needs to act forcefully and raise interest rates by at least a half-point next month to bring inflation back under control.
  • Equities trading weaker at the moment, ESU2 -35.25 at 4024.25; US$ index tapped 109.478 high overnight.
  • Limited economic data to kick off new week: Dallas Fed Manf. Activity (-22.6 prior, -12.2 est) at 1030. US Tsy $54B 13W and $42B 26W bill auctions at 1130ET.
  • Fed speak later this afternoon: Fed VC Brainard Chicago FedNow Workshop, text, no Q&A at 1415ET.
  • Currentlyt, the 2-Yr yield is up 4.7bps at 3.4436%, 5-Yr is up 6.7bps at 3.2718%, 10-Yr is up 6.5bps at 3.1061%, and 30-Yr is up 4.5bps at 3.2365%.
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