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Treasuries have edged lower in overnight trade with continued bear steepening pressure in the curve. ADP and ISM Svcs data eyed along with Treasury's quarterly refunding announcement and a decent Fed speaker slate.
- Mar 10-Yr futures (TY) down 3.5/32 at 136-26.5 (L: 136-26 - the Jan 22 low / H: 137-00.5)
- The 2-Yr yield is up 0.4bps at 0.1171%, 5-Yr is up 1.1bps at 0.4511%, 10-Yr is up 2.1bps at 1.1169%, and 30-Yr is up 2.4bps at 1.8936%.
- Stock futures in the green (despite a stronger dollar on the margin), but off European morning highs.
- Jan ADP Employment at 0815ET. Final Jan PMIs at 0945ET, but more attention on ISM Services shortly thereafter at 1000ET.
- Main supply event is Treasury qtly refunding estimate at 0830ET; our preview went out yesterday (link here). 1130ET sees $55B of 105-/154-day bill sale. NY Fed buys ~$6.025B of 4.5-7Y Tsys.
- Plenty of Fed Speakers: Minn's Kashkari (0830ET), StL's Bullard (1300ET), Philly's Harker (1400ET), and Cleveland's Mester and Chicago's Evans (both 1700ET).