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A Bit Of Everything Ahead (CPI, Powell, 10-Yr Supply)

US TSYS SUMMARY

Treasuries are trading flat with very modest curve steepening, with a bit of everything on the calendar today including 1st tier data (CPI), key Fed commentary (Powell), and supply (10Y).

  • Mar 10-Yr futures (TY) down 1/32 at 136-22 (L: 136-20.5 / H: 136-24), just ~170k traded and narrow ranges overnight befitting the pre-Lunar New Year Asia-Pac session.
  • The 2-Yr yield is unchanged at 0.1151%, 5-Yr is down 0.2bps at 0.4721%, 10-Yr is up 0.2bps at 1.1586%, and 30-Yr is up 0.4bps at 1.9515%.
  • Jan CPI release at 0830ET is the week's data highlight; Dec inventories/trade sales at 1000ET and Jan budget statement at 1400ET out as well.
  • The lone Fed speaker is Chair Powell at the Economic Club of NY at 1400ET, speaking on the labor market. Among potential topics eyed: his take on last week's employment report, as well as financial stability considerations and fiscal stimulus developments.
  • Speaking of which, House Ways and Means Committee today begins prepping the budget resolution for the COVID fiscal relief bill.
  • $55B of 105-/154-day bills at 1130ET, with $41B 10Y Note selling at 1300ET. NY Fed buys ~$1.75B of 20Y-30Y Tsys.
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