Treasury futures failed to hold on to yesterday’s high of 116-01. Despite the pullback, a bullish short-term outlook remains intact. Key support to watch lies at 113-06+, the 50-day EMA and this level also represent a short-term pivot level. A break of yesterday’s high would open 116-08, the Feb 2 high and 116-28+, the Jan 19 high and a key resistance. On the downside, a clear breach of the 50-day EMA would expose 112-21, the Mar 13 low.
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Russian state-owned RIA news agency has reported that Russia will call a February 22 meeting of the United Nations Security Council to discuss the "sabotage" of the two Nord Steam gas pipelines connecting Russia and Germany.
The Atlanta Fed's GDPNow model estimate of real GDP growth for the first quarter of 2023 has climbed to 2.4%, up from 2.2% last week. Since last week's data "an increase in the nowcast of first-quarter real personal consumption expenditures growth from 3.0 percent to 3.6 percent was slightly offset by a decrease in first-quarter real gross private domestic investment growth from -5.6 percent to -6.5 percent."
Atlanta Federal Reserve