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Modestly Cheaper Amidst Light Volumes, Jobless Claims In Focus

US TSYS
  • Cash Tsys see some light cheapening pressure in recent trade to sit 0-1.5bp cheaper on the day, led by 10s in a reversal after yesterday’s well-received 10Y supply.
  • An initial light bid was seen on dovish (at least vs. market pricing/expectations) comments from BoJ Dep Gov Uchida and softer-than-expected China CPI, before more than reversing those gains as Gilts/EGB’s pushed lower.
  • TYH4 has recently touched session lows of 111-00 on low volumes of 245k, especially low compared to recent sessions. Support remains exposed with the bear trigger at 110-22+ (Feb 5 low).
  • Today sees data focus on jobless claims data – where we’ll especially be looking at non-seasonally adjusted continuing claims data after a recent push higher – before 30Y supply in an otherwise light docket. CPI revisions land tomorrow (see here).
  • Data: Weekly jobless claims (0830ET), Wholesale sales/inventories Dec/Dec F (1000ET)
  • Fedspeak: Barkin ('24 voter) on BBG TV at 0830ET before Economic Club of NY at 1205ET (incl text)
  • Note/bond issuance: US Tsy $25B 30Y Bond auction - 912810TX6 (1300ET)
  • Bill issuance: US Tsy $95B 4W, $90B 8W Bill auctions (1130ET)
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