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Sizeable Bear Flattening Prior To The US Coming Back

US TSYS
  • Cash Tsys have seen a sizeable bear flattening this morning after being closed for MLK Jr Day, with short end moving to new pandemic era highs and the 2Y above 1%.
  • 2Y yields +6.5bps at 1.032%, 5Y +5.5bps at 1.613%, 10Y +3.0bps at 1.814% and 30Y +1.0bps at 2.132%.
  • TYH2 is down 14+ ticks at 127-23+ on solid volumes, having earlier cleared support levels at 127-20+ (Jan 17 low) and 127-18+ (2.00 proj of Dec 20-29-31 price swing) before retracing. Further support could be at 127-07 (2.236 proj of the same swing).
  • Data: Empire Mfg and NAHB housing surveys for Jan plus net TIC flows for Nov.
  • NY Fed buy-op: Tsy 4.5Y-7Y, appr $6.025B vs. $4.525B prior (1030ET)
  • Bill Issuance: $60B 13W and $51B 26W bill auctions (1130ET)
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