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Richer Still Across The Curve, Bid Re-Emerging With US Coming In

US TSYS
  • Treasuries have pared overnight gains but remain firmly richer across the curve after yesterday’s SVB-linked safe haven seeking trade. The move extending through Asia hours before some cheapening through the European session but has started to a see a bid emerge again with the US coming in.
  • Payrolls provides a next significant test at 0830ET (preview here) with currently no Fedspeak scheduled ahead of tonight's start of the media blackout.
  • 2YY -5.4bp at 4.816%, 5YY -6.2bps at 4.130%, 10YY -5.8bps at 3.845% and 30YY -3.5bps at 3.814%. 2s10s now at -97bps have on Wed cleared -110bps.
  • TYM3 trades 18+ ticks higher at 112-02 off highs of 112-13 on huge cumulative volumes (~730k vs 300k average for time of day). After yesterday’s late run through resistance at two recent highs plus the 20-day EMA, it next opens 112-18 (Feb 17 high) after which sits the 50-day EMA at 113-01.
  • Data: Payrolls for Feb (0830ET), Monthly budget statement for Feb (1400ET)
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