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Market Roundup: Waiting on the Fed - Again

Tsys continue to trade mixed, bonds paring gains trading mildly weaker now (30YY 3.6953 +.0217), 2s10s curve off Mon's new 40Y inverted low (-84.734).
  • No react to Trade Balance (-$67.4B vs -$68.5B est) or Redbook Feb store sales (+4.3%).
  • Main focus on Fed Chair Powell, Economic Club of Washington interview (no text) at or soon after 1230ET (Fed site has 1240ET listed). Link.
  • Tsys pared early support on incoming corporate bond issuance, Intel 7pt jumbo details TBA, foreign banks and sovereign wealth fund multi-tranche issuance total likely over $20B spurred rate lock selling across the curve.
  • Pre-auction short sets ahead US Tsy $40B 3Y note auction (91282CGL9) auction at 1300ET, WI is currently at 4.082%, 10.5bp cheap to last month's stop.
  • Cross asset: US$/Yen sold off earlier, Gold bounces (+9.75 at 1877.23) while Crude has been marching higher last couple hours (WTI +2.67 at 76.78).

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