On Back Foot Ahead Biden Conference Thursday Evening

Tsys sold-off, extended session lows early in the second half after some 11,400 FVH Block sales waved off interested buyers. Levels bottomed out over last hour but are looking to extend yet again in the minutes after the bell.

• Early chop -- Tsys moved off lows following lower than expected weekly claims (965k vs. 786 est) -- reversed gains just after the equity open (eminis dipped as well), no obvious driver at the time, but headline risk always a factor: tentative Biden presser at 1915ET to discuss fiscal package among other topics; $2T chatter.
• Biden will "deliver remarks on the public health and economic crises in Wilmington, Delaware. He will outline his vaccination and economic rescue legislative package to fund vaccinations and provide immediate, direct relief to working families and communities bearing the brunt of this crisis and call on both parties in Congress to move his proposals quickly."

Meanwhile, sovereigns debt issuance kept supply rolling as domestic names sidelined into earnings cycle. The 2-Yr yield is up 0.2bps at 0.145%, 5-Yr is up 1.5bps at 0.4836%, 10-Yr is up 4.6bps at 1.1292%, and 30-Yr is up 6bps at 1.8755%.