July 9, 2021 Headlines

Relief from this week’s Treasury rally emerged overnight, sending yields 1-4 bps higher from yesterday’s close. While “eased growth fears” seems to be a common headline today to explain the sell-off, it’s more likely profit taking and preparation for next week’s supply, beginning with 3-year and 10-year note auctions on Monday. As discussed yesterday, the recent strength in the Treasury market was somewhat (if not largely) attributable to relatively low supply and relatively high short positions. There are no noteworthy economic releases today, and the next major event will be the June CPI report released on Tuesday morning.

Jason Haley
Chief Investment Officer

7/9/2021Bloomberg July United States Economic Survey
7/9/2021Wholesale Inventories MoM1.10%1.10%
7/9/2021Wholesale Trade Sales MoM0.80%

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