Bonds bid in very quiet overnight trading, long-end leads way higher

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•Bonds bid in very quiet overnight trading, long-end leads way higher
•Bunds lead way higher heading into mid-day Europe, 10s/Bunds pushes out to +30 bps on TW
•10-year futures trade slim 90k contracts by 06:21 EST
•September 10s trade 134-24.5/134-16 overnight


•The tactical bias is defensive, looking for strength-selling opportunities into next week’s supply.
•Look for a range of 1.55%-to-1.48% in 10s.
•The strategic bias is short a 50% position in 10s at 1.50% looking to cover at 1.54% and then look to get long on a further backup.
•The curve bias will look to entered a 5s/7s steepener at 37 bps looking to unwind at 40 bps or in next week’s 7-year auction.



•No significant data releases scheduled


•11:00 Fed outright Treasury coupon sale (09/15/2014 – 04/30/2015) (e: $7.00 – $8.00 bln)


•No Treasury issuance activities scheduled


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