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Modest Bull Flattening With Wide Range Of Fed Speakers Ahead

FED

Treasuries are a little stronger early Friday as equities pause for breath after a big bounce. Though the Tsy curve is bull flattening, the short-end yield move is perhaps most noteworthy, nearly fully retracing the Fed decision sell-off.

  • The 2-Yr yield is down 1.9bps at 1.8948%, 5-Yr is down 2.8bps at 2.1158%, 10-Yr is down 2.8bps at 2.1423%, and 30-Yr is down 3.2bps at 2.4369%.
  • Fed Gov Waller is due to kick off post-FOMC participant commentary with an appearance on CNBC (0830ET show, appearing around 0845ET).
  • While he's decidedly hawkish, we get the biggest FOMC dove, Minn's Kashkari, at 1200ET; somewhere in between on the hawk-dove spectrum are Richmond's Barkin at 1320ET and Gov Bowman at 1400ET.
  • Also of note, Biden and China's Xi to hold a call at some point today.
  • No supply and a fairly limited data slate, with 1000ET bringing Feb existing home sales at and the Feb Conf Board US Leading Index.
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