Treasury prices drifted lower overnight on light trading volumes. Multiple Asian markets, including China, were closed for holiday, and a modest risk-on move in Japan sparked some selling of Treasuries. This week’s data calendar is relatively sparse, but there will be multiple Fed leaders speaking, including Jerome Powell. Powell will host a town hall meeting on Wednesday, and Fed Vice Chair for Supervision Randal Quarles will discuss bank stress testing at a conference on Wednesday.

Jason Haley
Managing Director, Investment Management Group