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Minor Twist Flattening Ahead Of Refunding, ADP

US TSYS
  • Cash Tsys have modestly twist flattened this morning ahead of Treasury Refunding and ADP employment.
  • 2Y yields +0.4bps at 1.169%, 5Y +0.2bps at 1.619%, 10Y unch at 1.788% and 30Y -0.7bps at 2.102%.
  • TYH2 is currently back where it spent much of the Asian session at 127-29+, the low end of yesterday’s range on low volumes and with some gap to both resistance and support levels.
  • Data: ADP employment for Jan (0815ET_ has consensus for a pullback to +184k but it’s caveated by last month having one of the largest gaps with private payrolls on record.
  • Treasury Refunding announcement (0830ET) followed by the press conf webcast (1000ET).
  • Bill issuance: US Tsy $40B 119D bill CMB auction (1130ET).
  • No Fedspeak currently scheduled for today before the Senate confirmation hearings for Raskin, Cook & Jefferson tomorrow.

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