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US TSYS SUMMARY
Rates traded steady/mixed after the bell, Tsys near the middle of a narrow range on light volumes (TYH1<955k). Trading desks chalked up the muted trade to positioning ahead Wednesday's FOMC policy annc -- steady rate and asset purchases expected, talk of tapering last few week's deemed premature.
  • MNI Fed Preview: Chair Powell and other key Fed members have batted away speculation of such an early taper, and absent extraordinary upside surprises in the labor market and inflation, the Fed will almost certainly remain cautious on tapering for the next few FOMC meetings at least.
  • Janet Yellen Sworn In As 78th Secretary US Treasury Dept; Anthony Blinken confirmed as Sec of State.
  • Tsy-way flow, modest option and deal-tied hedging kept prices close to home. Possibly contributing to light participation, "Verizon says technicians are aware of a a fiber cut in Brooklyn; Internet Outage Hits Broad Swath of Eastern U.S. Customers" Bbg
  • Treasury Auction: small stop through on record $61B 5Y note auction, US Tsy $61B 5Y Note auction (91282CBH3) draws high yld of 0.424% (0.394% last month) vs. 0.425% WI; 2.34 bid/cover vs. 2.39 prior.
  • The 2-Yr yield is up 0.8bps at 0.123%, 5-Yr is up 0.8bps at 0.4103%, 10-Yr is up 0.9bps at 1.0381%, and 30-Yr is up 0.8bps at 1.8004%.
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