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Pausing For Breath After Yesterday's Swings

US TSYS
  • Cash Tsys have sold off slightly this morning after yesterday’s swings, which saw a sustained rally through the day before a sharp retracement late on.
  • 2Y yields are +0.8bps at 1.013%, 5Y +0.8bps at 1.556%, 10Y +0.7bps at 1.778% and 30Y +1.0bps at 2.122%. Putting the short-end into perspective, the 2Y is just under 6bps off last week's new pandemic era high of 1.071%.
  • TYH2 is towards the low end of yesterday’s range, down 10 ticks at 128-06+ off earlier lows of 128-01 amidst average volumes. Support is seen at 127-28 (Jan 21 low) and then the bear trigger of 127-02 (Jan 19 low) whilst resistance is at 128-21+ (Jan 24 high).
  • Data: Nothing overly market moving with house prices from FHFA and S&P/CoreLogic plus Conference Board consumer confidence and Richmond Fed manufacturing.
  • NY Fed buy-op resumes: TIPS 1Y-7.5Y, appr $2.025B vs. $1.525B prior (1030ET).
  • Issuance: US Tsy $34B 52W bill auction (1130ET) followed by US Tsy $55B 5Y Note auction (1300ET).
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