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Maintaining Recent Flats

US TSYS
  • Cash Tsys are relatively little changed on Friday’s close, having opened firmer before unwinding most of the move through Asian and London sessions, potentially following the rise in European inflation expectations on higher energy prices.
  • The curve remains very flat with 2s10s at its new recent lows of 25-26bps, the flattest since Mar 2020.
  • 2YY +0.4bps at 1.480%, 5YY -1.5bps at 1.622%, 10YY -0.2bps at 1.729%, 30YY -0.6bps at 2.148%.
  • TYM2 is up 1+ ticks at 128-18+ with below average volumes. Sitting towards the top of Friday’s range, it remains below resistance of 128-31+ (Mar 1) with support at 127-00 (Mar 2 low).
  • The only release today is consumer credit for Jan whilst the Fed is in media blackout ahead of the Mar 15-16 FOMC.
  • Issuance: US Tsy $60B 13W, $51B 26W Bill auctions (1130ET). No bond issuance or NY Fed buy-ops.

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