Treasury Market Seeks Direction

With no economic statistics scheduled for release today, Treasury prices are mixed. After Friday’s wild ride before and after the release of April’s Jobs Report, Treasuries are a bit weaker in the long-end but are showing a little strength in the short-end. Thirty-Year bonds are off about 3/8 of a point in early trading and that puts their yield right at 2.30%. The Ten-Year is little changed as its yield remains around 1.58%. The Two-Year’s very slight price gain has resulted in a yield of 14 basis points. Market participants will be looking forward to Wednesday’s report on consumer inflation and Thursday’s report on producer prices. The Treasury will be selling $126B of threes, tens, and thirties, starting tomorrow with a Three-Year note auction. Meanwhile, crude oil is up less-than-a-dollar to $65.57 while gold’s $9 rally takes that price to $1,841. Equity futures are mixed.