Edging Higher Pre-Powell

A bit of respite for Tsys early Thursday after the previous session's sell-off, with most attention on Fed Chair Powell's appearance later.

• Bull flattening in the curve: 2-Yr yield is up 0.2bps at 0.1427%, 5-Yr is down 1bps at 0.7221%, 10-Yr is down 1.6bps at 1.4653%, and 30-Yr is down 3.6bps at 2.2402%.
• Jun 10-Yr futures (TY) steady at at 133-01.5 (L: 132-27.5 / H: 133-06)
• Risk-off in the Asia-Pac session as equities fell, though S&P futures are now off overnight lows. Dollar trading mixed. Fairly quiet European morning.
• Little question that the day's main event is Powell speaking in a moderated Q&A at 1205ET. Attention is on his comments (if any) regarding the run-up in yields after since his congressional testimony last week.
• In data, jobless claims and Q4 nonfarm productivity out at 0830ET, with Jan factory / durable goods orders at 1000ET.
• On the fiscal stimulus front, the Senate vote on the $1.9trn bill has been pushed back to the weekend pending CBO cost estimates on the most recent version of the bill.
• In supply, $65B of 4-/8-week bill sales at 1130ET. NY Fed buys ~$1.750B of 20-30Y Tsys.