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US FI markets trading steady to marginally mixed, 30Y Bonds and 2Y note weaker, relatively narrow overnight ranges while volumes just starting to pick up (TYH2 over 415k) ahead the Jan CPI release at 0830ET.

  • Equities marginally weaker (ESH2 -1.75 at 4576.0), Gold -2.62, WTI crude +0.89 at 90.55. US$ index DXY mildly higher +.006 at 95.500.
  • Yield curves mixed, 2s10s flatter by -0.125 at 57.187 while 5s30s trading +0.360 steeper at 42.838.
  • Technicals: Treasuries remain bearish after TYH2 contract traded to a fresh cycle low Wed, w/ most recent move lower resulted in a break of 127-02, Jan 19 low and a bear trigger. This also confirmed a resumption of the downtrend and cleared the base of a recent continuation pattern, reinforcing bearish conditions. Attention is on 126-10+, a Fibonacci retracement. Initial firm resistance is at 127-24.
  • Flows: trading desks reported decent buying from leveraged money during Asian hours, better swap-tied buying in the short end during London hours, some short covering. Pre-auction short sets ahead today's $23B 30Y Bond sale (912810TD0) while rate-lock hedging appears muted with corporate issuers sidelined ahead the data.

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