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Sales (Feb Retail and 20-Yr Bond) The Focal Points

US TSYS SUMMARY

A fairly quiet overnight session for Tsys with typical volumes and fairly narrow ranges so far. Retail sales data and 20-Yr supply are the day's focal points, and the 2-day FOMC meeting gets underway as well.

  • Jun 10-Yr futures (TY) up 2.5/32 at 132-01 (L: 131-29 / H: 132-04.5), ~240k traded by 0630ET, with nothing specific driving what little price action there was overnight.
  • A bit of flattening in the curve: 2-Yr yield is up 0.4bps at 0.155%, 5-Yr is down 0.1bps at 0.8258%, 10-Yr is down 0.7bps at 1.5986%, and 30-Yr is down 0.5bps at 2.3526%.
  • Feb retail sales out at 0830ET; consensus looks for a M/M decline after January's surge.
  • At 0915ET we get Feb industrial production, conversely seen stronger M/M from Jan.
  • Business inventories and NAHB Housing numbers round out the data at 1000ET.
  • Our Fed preview went out yesterday (link here, or contact sales@marketnews.com), meeting begins this morning with decision Wednesday.
  • In supply, $24B 20-Yr Bond auction at 1300ET (also $35B in 42-day bills at 1130ET). NY Fed buys $6.025B of 4.5-7Y Tsys.
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