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Curve Modestly Steepens, Early Pressure on Treasuries Fades

US TSYS SUMMARY
  • US Treasury futures traded inside an eight tick range Tuesday, with early pressure on prices fading as the session progressed.
  • Key speaker Tuesday was Richmond Fed President Barkin, who stated that he prefers a simple, yet flexible approach to any tapering of asset purchases, but maintains an open mind about phasing out mortgage bond purchases. He also added that he favours concluding tapering before raising interest rates.
  • Treasuries initially dipped as Salesforce launched an $8bln six-parter, which offered a 70bps premium over Treasuries for the 10y line and a sizeable yield of 115bps above the 40y Treasury.
  • Data releases pick up Wednesday, with MNI Chicago PMI the highlight. Activity is expected to have slowed to 70.0 from 75.2, while the ADP Employment Change release will be eyed for clues ahead of Friday's payrolls.
  • The curve modestly steepened, with 2s10s steeper by around 1bps.
  • 2y yield down 0.4bps at 0.250%
  • 5y yield down 0.3bps at 0.893%
  • 10y yield up 0.7bps at 1.483%
  • 30y yield up 0.4bps at 2.099%
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