Treasury and Data Provide Friendly Lead-Off For Powell

Today's the day where economic data and events ramp up significantly.  Not only do we have more events on the calendar, but they're also increasingly important versus the first 2 days of the week.  The morning has been good for bonds as a result.  The Treasury refunding details showed slightly lower auction amounts and also provided a comment about auction sizes leveling off next quarter.  On the econ data front, ADP, JOLTS, and ISM were all either neutral or bond-friendly.  The result is an 11bp rally in 10yr yields and nearly a half point gain in MBS ahead of the 2pm Fed announcement and 2:30pm press conference.