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US TSYS: Holding Narrow, Lower Range Ahead Key CPI Data

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries look to finish weaker Tuesday, see-sawing in a narrow, lower range since the open, March'25 10Y futures -8.5 at 108-30.5 vs. 108-28 low,  above initial technical support at 108-20.5 (Low Feb 4).
  • Curves bear steepened, bonds underperforming (2s10s +2.786 at 24.568, 5s30s +1.231 at 37.923)  weakness partially tied to cross asset selling tied to record-sized 10Y Gilt syndication and orderbook.
  • Many listened from the sidelines as Fed Chairman Powell repeated his January FOMC press conference at his Senate Banking Committee testimony today. Expect similar at Wednesday's testimony to the House.
  • Treasury futures bounced briefly but remain weaker after $58B 3Y note auction (91282CMN8) 1.2bp stop, drawing 4.300% high yield vs. 4.312% WI.
  • US$ Gapped lower/extended lows in late trade, trading desks citing a rehash of earlier headlines that Ukraine is prepared to offer territory swap with Russia - US$ recovered half the move. Earlier pressure on core fixed income and the associated higher yields on Tuesday have supported a recovery for Cross/JPY, with USDJPY briefly rising to a high of 152.60 roughly 1% off the Monday lows.
  • Focus on key CPI inflation data tomorrow at 0830ET.
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  • Treasuries look to finish weaker Tuesday, see-sawing in a narrow, lower range since the open, March'25 10Y futures -8.5 at 108-30.5 vs. 108-28 low,  above initial technical support at 108-20.5 (Low Feb 4).
  • Curves bear steepened, bonds underperforming (2s10s +2.786 at 24.568, 5s30s +1.231 at 37.923)  weakness partially tied to cross asset selling tied to record-sized 10Y Gilt syndication and orderbook.
  • Many listened from the sidelines as Fed Chairman Powell repeated his January FOMC press conference at his Senate Banking Committee testimony today. Expect similar at Wednesday's testimony to the House.
  • Treasury futures bounced briefly but remain weaker after $58B 3Y note auction (91282CMN8) 1.2bp stop, drawing 4.300% high yield vs. 4.312% WI.
  • US$ Gapped lower/extended lows in late trade, trading desks citing a rehash of earlier headlines that Ukraine is prepared to offer territory swap with Russia - US$ recovered half the move. Earlier pressure on core fixed income and the associated higher yields on Tuesday have supported a recovery for Cross/JPY, with USDJPY briefly rising to a high of 152.60 roughly 1% off the Monday lows.
  • Focus on key CPI inflation data tomorrow at 0830ET.