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Drifting Post-FOMC, Pre-Data

US TSYS SUMMARY

Tsys are drifting within Wednesday's ranges so far on above-average volumes, with dollar strength and equity weakness suggesting a continued querying of the "reflation" trade.

  • Mar 10-Yr futures (TY) down 1.5/32 at 137-15.5 (L: 137-13.5 / H: 137-19), elevated volumes (~420k).
  • The 2-Yr yield is unchanged at 0.1191%, 5-Yr is unchanged at 0.4114%, 10-Yr is down 0.7bps at 1.0093%, and 30-Yr is down 0.8bps at 1.7657%.
  • While the January FOMC meeting was basically a non-event for markets, looking through sell-side reactions overnight there appears to be a split opinion over whether the Fed/Powell leaned more dovish or less dovish than expected. Will have our full review out shortly.
  • 0830ET data haul: weekly jobless claims; Q4 advance GDP; inventories; goods trade balance. 1000ET sees Dec new home sales.
  • In supply, $65B of 4-/8-week bill auction at 1130ET, with $62B of 7-Yr Note selling at 1300ET. NY Fed buys ~$1.750B of 20-30Y Tsys.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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