U.S. Treasuries modestly lower start after a fairly quiet night in the futures market.
Treasury futures falling to lows alongside the release of latest inflation figures from the U.K., which have raised expectations for a 50-bps rate hike from the Bank of England tomorrow.
However, the market bounced quickly, eventually returning to levels seen before the report was released. Elsewhere, property stocks in Hong Kong underperformed amid ongoing hope for more impactful stimulus measures while China Securities Journal speculated that more rate cuts will be made this year.
The U.S. session will not feature any top-tier data, but Fed Chairman Powell will begin his two-day semiannual testimony on monetary policy with a 10:00 ET appearance before the House Financial Services Committee.
Crude oil is little changed at $71.17/bbl while the U.S. Dollar Index is flat at 102.58.
2-yr: UNCH at 4.70%
3-yr: +2 bps to 4.31%
5-yr: +1 bp to 3.97%
10-yr: +2 bps to 3.75%
30-yr: +1 bp to 3.83%