FI Summary, 30YY Back To Late Fri Lvls

Tsy bond yields have surged to highs for the week -- back near late Friday levels before Mon-Tue massive risk-off consolidation saw 30YY fall to 2.066% low Tuesday -- currently at 2.2666% +.1620 after the bell.

• Markets went from a cessation of risk-off following better than expected ADP jobs data (+475k vs. +375k est; huge Jan up-revision from -301k to +509k) to cautious risk-on by noon as Fed Chairman Powell brought a level of normalcy back to markets: expecting March liftoff as appropriate, keeping 50bp hike in reserve if inflation stays hot later in year, gradual/predictable balance sheet runoff soon after.
• High-gear risk-on in second half -- no obvious standout headline driver, but some desks cite short covering in stocks on hopes of some peace accord as Ukraine delegates said to be heading to talks with Russian counterparts. Leading SPX sectors at the moment: Energy, Financials and Materials -- all seeing some relief bounce after punishing sell-off/reaction to global sanctions on Russia.
• Thursday data focus on weekly claims, unit labor costs, durables while Fed Chairman Powell returns to Senate for second monetary policy testimony.
• After the bell, 2-Yr yield is up 16.3bps at 1.504%, 5-Yr is up 14.6bps at 1.7404%, 10-Yr is up 12.9bps at 1.856%, and 30-Yr is up 11.9bps at 2.2234%.