07:55 AM
Treasuries are off a bit heading into the trading day with the long end taking the brunt of it as the 10-and-30-year benchmarks approach their highest yields of the week.  After the jobless claims and trade balance numbers are out of the way, all eyes will be focused on the $13 bln, 30-year Bond auction (1:00 p.m. ET)which comes on the heals of a decent 10-year Note sale yesterday.  In addition, the Fed will be back in buying mode and looking at debt maturing in 2013 and 2014.  The 2-to-10-year spread has widened to 215 bps and global bonds are generally weaker.

03:24 PM
Fallen: The treasuries bumped through the day's good looking auction but were unable to retain the bid and slid back while doing little with the Beige Book. The impressive auction, that makes 2 solid goings in a row, is not a harbinger of how tomorrow's 30-yr will roll, but it will hike the bar a bit. Even as the yield came in lower, not quite at a record level, the market could not get around itself and pretty much gave it all back in thinned trade that was stuck watching stocks. Tomorrow's 30-yr offering caps the week's auctions while the previous $16 bln 30-yrs saw 3.954% with a bid-to-cover of 2.77 and an indirect bidder participation rate of 46%. While the yield was a little higher than the market may have liked, the other measures of demand were all above average and the direct bidder take was also strong at 18.6% (the anonymous buyers who are able to bypass the primary dealers and are often rumored to be China or OPEC or hedge-funds, although some just assume they are banks hoping to become primary dealers and are using their access to "show their mettle" as well as disguise themselves from the standing dealers). The curve was leaning steeper into the auction, where it flipped, but resumed the steepening bent off the Beige book with the 2-10-yr yield spread 214.1 within a range of 216.5 and 210.5. The dollar was under pressure most of the session before guttering near 82.50/60 while the euro was stalled near 1.2725. The yen lost some of it flight-to-quality bid and backed off in general with 84.00 a barrier. The day ahead has the $13 bln 30-yr reopening (13) with data the usual initial and continuing jobless claims and trade balance (8:30). Oh. The Fed will be in buying little bits in the 2013 to 2014 maturity space

08:24 AM
Offered: Trade is lower into what will likely be a quiet day. Data is light with Beige Book (14), consumer credit (15) and Fed-speak has MN's Kocherlakoda (14:30). The day's key event will be the $21 bln reopened 10-yr auction (13).