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Pushing Higher On Soft Risk Appetite; 2Y Supply Eyed

US TSYS SUMMARY

TY futures hit best levels in over two weeks in the European morning, with the curve bull flattening - albeit on modest volumes. 2-Year Note supply eyed.

  • Mar 10-Yr futures (TY) up 1/32 at 137-02 (L: 136-30 / H: 137-03.5, not seen since Jan. 7), ~190k traded. Generally risk-off tone, with equities a little weaker (albeit Nasdaq futs hitting an all-time high), with European political risk in the morning.
  • The 2-Yr yield is up 0.2bps at 0.123%, 5-Yr is unchanged at 0.4311%, 10-Yr is down 0.5bps at 1.0805%, and 30-Yr is down 1.2bps at 1.8346%.
  • Little impactful news in the morning. Some attention as ever on fiscal matters, with Biden stimulus package size / approval process (Reconciliation?) under discussion. FOMC decision Wednesday eyed (MNI's preview will be released later today), no change in policy expected.
  • In supply, we get $105B of 13-/26-week bills at 1130ET, with a record $60B in 2Y Notes auctioned at 1300ET. NY Fed buys ~$6.025B of 4.5-7Y Tsys.
  • Otherwise, thin on scheduled data/events: Chicago Fed Nat'l Activity Index at 0830ET, Dallas Fed Manuf. at 1030ET.
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