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US TSYS: 2s10s At Fresh Month Highs, ECB Spillover Watched Next

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries have pulled back from overnight lows amidst broader risk-off stemming from Europe, and trade twist steeper.
  • Ahead, there is potential spillover from the ECB press conference as markets watch President Lagarde’s assessment of recent defense plans, plus some notable data releases. Tomorrow’s nonfarm payrolls report and Powell’s update on the economic outlook loom large, however.
  • Cash yields 1bp lower (2s) to 3.7bp higher (20s).
  • 2s10s sits at 32.1bps (+4.3bp) to continue a steepening for its highest since early February.
  • TYM5 sits at 110-19 (- 09) but remains off overnight lows of 110-12+, with another solid overnight session for volumes at 625k.
  • Declines are deemed corrective and support is seen at 110-00 (Feb 7 high), whilst resistance is seen at 111-15 (Mar 5 high).
  • Data: Challenger job cuts Feb (0730ET), Weekly jobless claims (0830ET), Trade bal Jan final (0830ET), ULCs/productivity Q4 final (0830ET), Wholesale trade sales Jan/Jan final (1000ET)
  • Fedspeak: Harker on education (0845ET, speech no touching on mon pol), Waller speaks to WSJ on economic outlook (1530ET, Q&A only) and Bostic on economy (1900ET, just Q&A).
  • Bill issuance: US Tsy $75B 4W & 8W bill auctions (1130ET)
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  • Treasuries have pulled back from overnight lows amidst broader risk-off stemming from Europe, and trade twist steeper.
  • Ahead, there is potential spillover from the ECB press conference as markets watch President Lagarde’s assessment of recent defense plans, plus some notable data releases. Tomorrow’s nonfarm payrolls report and Powell’s update on the economic outlook loom large, however.
  • Cash yields 1bp lower (2s) to 3.7bp higher (20s).
  • 2s10s sits at 32.1bps (+4.3bp) to continue a steepening for its highest since early February.
  • TYM5 sits at 110-19 (- 09) but remains off overnight lows of 110-12+, with another solid overnight session for volumes at 625k.
  • Declines are deemed corrective and support is seen at 110-00 (Feb 7 high), whilst resistance is seen at 111-15 (Mar 5 high).
  • Data: Challenger job cuts Feb (0730ET), Weekly jobless claims (0830ET), Trade bal Jan final (0830ET), ULCs/productivity Q4 final (0830ET), Wholesale trade sales Jan/Jan final (1000ET)
  • Fedspeak: Harker on education (0845ET, speech no touching on mon pol), Waller speaks to WSJ on economic outlook (1530ET, Q&A only) and Bostic on economy (1900ET, just Q&A).
  • Bill issuance: US Tsy $75B 4W & 8W bill auctions (1130ET)