Free Trial

Off Highs As Double Note Issuance Looms Ahead

US TSYS
  • Cash Tsys trade just 0-0.5bp richer from Friday’s close, pulling back off highs but keeping to relatively narrow ranges.
  • Today’s data is light and sole Fedspeak comes after the close, but front-loaded issuance including today’s double 2Y and 5Y supply is likely weighing on activity.
  • TYH4 at 109-30 (+ 01+) is off highs of 110-04, with roll activity dominating volumes. Resistance is seen at 110-16 (20-day EMA) but a bear threat remains with support at 109-10 (Feb 22 low).
  • Data: New home sales Jan (1000ET), Dallas Fed mfg Feb (1030ET)
  • Fedspeak: KC Fed Schmid (’25 voter) on economic/policy outlook (1940ET, incl text)
  • Note/bond issuance: US Tsy $63B 2Y note (1130ET), US Tsy $64B 5Y Note (1300ET) – front-loaded due to need for settlement by month-end
  • Bill issuance: US Tsy $70B 26W bill auctions (1130ET), US Tsy $79B 13W bills auctions (1300ET)

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.