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Modest Gains Ahead Of PMIs

US TSYS SUMMARY

Tsys have seen modest overnight gains, with a continued bounce from Thursday's lows on Italian political risk / broad equity retracement.

  • Mar 10-Yr futures (TY) up 2.5/32 at 136-31 (L: 136-26 / H: 137-00) All within yesterday's ranges, and on avg volume (~240k).
  • Some bull flattening: the 2-Yr yield is up 0.4bps at 0.123%, 5-Yr is down 0.3bps at 0.4423%, 10-Yr is down 1.2bps at 1.094%, and 30-Yr is down 2.2bps at 1.8473%.
  • Attention will be on Jan prelimiary PMIs (0945ET) after middling-at-best numbers out of Europe overnight. Existing home sales at 1000ET rounds out the week's data.
  • Otherwise, little on the schedule today. Senate Finance Committee meets at 1000ET to decide on putting forward Yellen's nomination for Treas Sec; full Senate could vote later in the day per some reports.
  • No supply; NY Fed buys ~$8.825B of 2.25-4.5Y Tsys.
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