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Awaiting BoE and ECB, With Earnings Deluge Adding To The Mix

US TSYS
  • Cash Tsys pause for breath in the short gap between yesterday’s FOMC decision and its perceived dovish press conference (which saw 2YY close ~10bps lower on the day), followed quickly by both the BOE (0700ET) and ECB (0815ET) decisions today.
  • Earnings should add to the mix as well, with reports today alone accounting for 18.4% of the S&P 500 total market cap, the most significant session of the quarter (including Apple, Amazon, Alphabet after the bell).
  • 2YY +0.2bp at 4.108%, 5YY -1.7bp at 3.498%, 10YY -1.1bp at 3.406% and 30YY -0.6bp at 3.560%.
  • TYH3 trades 2 ticks lower at 115-13+ on modestly above average volumes, remaining close to yesterday’s high of 115-19 after which sits 115-21 (Jan 20 high).
  • Data: Preliminary Q4 data for ULCs/productivity headline the docket (0830ET) but also see challenger job cuts for Jan (0730ET) and factory orders for Dec (1000ET) plus usual weekly jobless claims (0830ET).
  • Bill issuance: US Tsy $75B 4W, $60B 8W bill auctions (1130ET)

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