Slowest Day of a Very Busy Week

Given that a bilateral trade deal between the U.S. and EU was announced over the weekend, markets haven’t moved much at all in response. 10yr yields were briefly lower overnight and are now inconsequentially higher in early domestic trading.  Perhaps the uncertainty surrounding U.S./China negotiations is keeping traders cautious. On a less speculative note, while Monday doesn’t offer any big ticket econ data, there are two big Treasury auctions (2yr and 5yr). Not only is this a day earlier than normal, but it’s also a double whammy. Treasury notes/bonds usually get their day, but this week’s schedule is accelerated due to month-end falling on a Thursday.  In addition to month-end (a trading motivation in its own right) and Treasury auctions, there is a slew of…