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Long End Yields Resume Fall From Monday's Highs

US TSYS SUMMARY
Treasuries are a little stronger overnight following a jump higher around 0300ET amid mild risk-off in Europe. Otherwise fairly quiet with front TYs so far trying and failing to breach Monday's highs (136-25). As with Monday, not much on the calendar, though 3-Yr Note supply eyed.
  • Mar 10-Yr futures (TY) up 2/32 at 136-24 (L: 136-19.5 / H: 136-25)
  • Curve bull flattening: The 2-Yr yield is unchanged at 0.1111%, 5-Yr is down 1bps at 0.4689%, 10-Yr is down 2.4bps at 1.1465%, and 30-Yr is down 2.6bps at 1.9268% (now 7+bps below Monday's highs).
  • Notable weakness in USD (DXY -0.3%) with equities a little lower.
  • In data, NFIB small business optimism came in slightly below expectations in Jan (at 95.0 vs 97.0 expected, 95.0 prior); JOLTS at 1000ET.
  • StL Fed's Bullard speaks at 1200ET.
  • Trump impeachment trial gets underway in the Senate this afternoon (~1300ET), but market-wise likely a sideshow for markets compared to fiscal matters, with House Ways and Means Committee beginning the markup of legislative proposals for COVID relief Wednesday.
  • Supply sees $60B in 42-/119-day bills at 1130ET, and $58B 3-Yr Note auction at 1300ET. NY Fed buys ~$2.425B of 1Y-7.5Y TIPS.
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