It's a big week for Treasury supply
The US Treasury has upsized auctions to account for the enormous deficit this year and it will be a big test to swallow that supply.
Eyes are on 0.50% in US 10-years but tomorrow it will be the front of the curve in focus with a three-year auction. Sales will continue throughout the week at record sizes.
In terms of data, we get the July PPI report but I can't see any way that could be a market mover. We will also hear from the Fed's Barkin and Daly. Again, I don't see anything new coming and I don't even see something like YCC as particularly meaningful.
