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Market Roundup: Follow-Through Gains in Tsy Yields

US TSYS
Tsys weaker board, Bonds off early session lows (30YY +.0358 at 3.6905% vs. 3.7148% high) w/ curves running mixed after bear steepening earlier (2s10s -1.128 at -70.701 vs. -67.092).
  • Trade volumes remain subdued (TYH3 <750k) w/ much of Asia out for Lunar New Year holidays this week (China, Taiwan Mon-Fri; Vietnam Mon-Thu; Hong Kong Mon-Wed; Singapore and South Korea Mon-Tue).
  • No react to midmorning data: US December Leading Indicator -1.0% MoM vs. -0.7% est, while absence of Fed speak w/ members in media blackout through Feb 2, has sapped market interest somewhat.
  • That said, equities holding strong gains as Information Technology (+2.37%) (w/ follow-through support following headlines of large, ongoing layoffs) and Communication Services (+1.64%) sectors continue to outperform, helping SPX eminis breach resistance (4035.25, Jan 18 high) as the index climbs to mid-December (ESH3 40.45.0 session high).
  • Pick-up in data Tue w/ Philly-Fed Non Mfg Activity (-12.8 rev, --), Richmond Fed Mfg Index (1, -5); Bizz Cond (-14, --) and S&P Global US Manufacturing PMI (46.2, 46.0), Services PMI (44.7, 45.0); Comp PMI (45, 47.0) expected.
  • Treasury auctions: $34B 52W bill CMB auction at 1130ET, $42B 2Y Note auction (91282CGG0) at 1300ET.
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