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Paring Gains

US TSY FUTURES
Tsy futures drawing additional sell interest across the board last couple minutes, USH3 at 124-10 vs. 124-18 high, yield curves holding steeper profiles despite Block sale -5k TYH3 at 101-27.88 that helped get ball rolling, 2s10s currently +2.821 at -74.614.
  • No headline driver, more position squaring ahead Feb FOMC minutes release at 1400ET. Heavy volumes (TYH3>970k) tied to Mar/Jun roll, option and swap-related hedging, pre-auction short sets ahead today's $43B 5Y note auction at 1300ET.

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