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Markets Roundup: Firmer/Narrow Range Ahead Wed's FOMC Minutes

US TSYS
  • Treasury futures modestly firmer after the bell, off midmorning highs but holding near last Friday's pre-PPI levels: TYH4 currently +6.5 at 109-30.5 vs. 110-05 high. still below initial technical resistance at 110-17 (Feb 15 high); technical support at 109-17/15 (50.0% of Oct 19 - Dec 27 climb / Low Feb 16).
  • Curves steeper but off highs: 2s10s +2.801 at -33.652 vs. -31.373 high; 10Y yield currently 4.2714%, -.0078.
  • Tsys mirrored modest support in EGBs overnight following a larger than expected 25bp reduction in 5Y LPR during Asia-Pac hours, muted react to softer ECB Q4 negotiated wages to 4.5% from 4.7%.
  • Tsys drew additional support after Canadian CPI data came out lower than expected (+2.9% vs. +3.2% est, +3.4% prior). Otherwise, no react to US data: JAN. Leading Indicator -0.4% M/M vs. -0.3% est, US Philly Fed Non-Mfg index -8.8 vs . -3.7 prior.
  • No scheduled Fed speakers on today's docket, holding to the sidelines ahead of the Jan 31 FOMC minutes release tomorrow at 1400ET.
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