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Market Roundup: Tsys Inside Weaker, Narrow Range

US TSYS
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Tsys holding weaker, inside session range at midday, relative quiet start to a FOMC week. Higher than expected Spanish CPI/HICP inflation triggered selling across the board overnight, see-sawing inside range with no substantive data to react to.
  • Tsy 30YY currently 3.6662% (+.0471), yield curves flatter: 2s10s -0.813 at -70.989, 5s10s -2.278 at -13.125. Decent volumes (TYH3 >850k) with Asia back from Lunar New Year holidays.
  • Fed funds implied hike for Feb'23 steady at 25.8bp ahead Wed's FOMC annc, Mar'23 cumulative 46.9bp to 4.798%, May'23 57.4bp to 4.903%, terminal at 4.915% in Jun'23.
  • Additional policy/event risk with the BOE and ECB announcing this Thu. Participants plying the sidelines ahead Fri's Jan employment data (175k est vs. 223k prior).
  • Meanwhile, corporate bond issuance resumes, IBM 4pt on tap as well as several foreign bank US$ issuers, generating rate lock hedging.
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Tsys holding weaker, inside session range at midday, relative quiet start to a FOMC week. Higher than expected Spanish CPI/HICP inflation triggered selling across the board overnight, see-sawing inside range with no substantive data to react to.
  • Tsy 30YY currently 3.6662% (+.0471), yield curves flatter: 2s10s -0.813 at -70.989, 5s10s -2.278 at -13.125. Decent volumes (TYH3 >850k) with Asia back from Lunar New Year holidays.
  • Fed funds implied hike for Feb'23 steady at 25.8bp ahead Wed's FOMC annc, Mar'23 cumulative 46.9bp to 4.798%, May'23 57.4bp to 4.903%, terminal at 4.915% in Jun'23.
  • Additional policy/event risk with the BOE and ECB announcing this Thu. Participants plying the sidelines ahead Fri's Jan employment data (175k est vs. 223k prior).
  • Meanwhile, corporate bond issuance resumes, IBM 4pt on tap as well as several foreign bank US$ issuers, generating rate lock hedging.