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EUROZONE T-BILL ISSUANCE

Bill Supply for W/C Jan 24, 2022

BONDS

MONTH END EXTENSION

SOY TECHS

(H2) Resumes Its Uptrend

STIR

Effective Fed Funds Rate

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US TSYS

TYZ0 +0-02+ at 139-05+ after the space recovered from lows on Friday, although the curve still ran steeper on the day come the bell.

  • Some were happy to point to huge month-end index extensions as a driving force behind the Tsy bid, especially with London closed on Monday.
  • The bid in equities and uptick in traded inflation metrics kept the long end rally in check.
  • Fed's Harker and Kaplan had slightly differing views on what AIT could mean (at least in terms of outright inflation levels), although markets will look to addresses from Vice Chair Clarida and Governor Brainard for a little more clarity on the matter over the coming days.
  • On the Hill we have seen a narrowing of the fiscal differences, with the Trump admin moving its proposal up to a total of $1.3tn worth of fresh support, although this was rejected by the Democrats.
  • Further afield, social unrest continues to rear its head, with an individual who was seemingly aligned with right wing groups shot in Portland, Oregon over the weekend.
  • Elsewhere, as mentioned earlier, it is worth noting that China's latest restrictions on artificial-intelligence technology exports provides hurdles and potentially the ultimate stumbling block for U.S. companies looking to acquire ByteDance's TikTok.
  • Eurodollar futures unchanged to +0.5 through the reds.
  • Chinese PMI data headlines in Asia-Pac hours.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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