US Treasuries Better after Waller Comments, Fall Back after Strong Data

US TSYS were already nicely higher Friday before hsg starts came out. Yesterday evening at NY Money Marketeers, Fed Gov Waller said he would call for a 25bps rate cut at the July 29-30 meeting. Waller is on short list to replace Fed Powell when his term is up next week and has favored a rate cut for some time. Housing starts and permits were stronger than expected but Waller words carried more weight. Later get U of Mich sentiment survey, As of 8:55ET, 2Y at 3.880% vs 3.930% at 15:00 Thursday. 10Y at 4.430% vs 4.468%. 30Y at 4.995% vs 5.015% Thur. 2/30Y curve is steeper at +111.5 bps vs +108.5 bps as short end leads on Waller.