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Slightly Weaker Ahead Of Jobless Claims/Housing Starts

US TSYS SUMMARY

Tsys are on session lows but it's been narrow range trading overnight on thin volumes, with more attention on equity futures pushing (briefly) to all-time highs and the USD weakening.

  • Mar 10-Yr futures (TY) down 0.5/32 at 136-30.5 (L: 136-30 / H: 137-02), on a mere 175k traded.
  • The 2-Yr yield is up 0.4bps at 0.1311%, 5-Yr is up 1bps at 0.4502%, 10-Yr is up 0.9bps at 1.0888%, and 30-Yr is up 1.1bps at 1.8409%.
  • Something of a holding pattern ahead of the ECB decision/press conference (0745ET/0830ET).
  • Overnight news included further leaks/reports on early Biden admin actions, little market-moving as had already been reported on/speculated: WHO re-engagement and Covax membership; COVID precautions for travellers (eg masks in airports); use of Defense Production Act; etc.
  • Data dump at 0830ET includes weekly jobless claims, Dec housing starts/building permits, and Jan Philly Fed.
  • In supply: $65B of 4-/8-week bills at 1130ET; $15B 10-Y TIPS sale at 1300ET. Plus, we get announcement of next week's 2-/5-/7-Yr Coupon and 2-Yr FRN supply.
  • NY Fed buys ~$3.625B of 7-20Y Tsys.
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