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Small Bull Steepening Ahead Of A Busy Day

US TSYS
  • Cash Tsys have seen a modest bull steepening on low volumes ahead of a heavy US docket and policy decisions from the BoE and ECB.
  • 2Y yields -1.4bps at 1.140%, 5Y -1.0bps at 1.598%, 10Y -0.2 at 1.773% and 30Y +0.1bps at 2.109%. This sees 2s10s up 4bps from the yesterday’s low to 63bps.
  • TYH2 is at the low end of today’s narrow range at 128-02+ with volumes approx. 50% of typical at this time of day. Being well within yesterday’s range, it hasn’t troubled resistance of 128-11+ (20-day EMA) or support of 127-06+ (Jan 26 low).
  • Fedspeak: Confirmation hearings for Raskin, Cook & Jefferson (0845ET)
  • Data: ULC/productivity for Q4 (0830ET), ISM Services for Jan (1000ET) plus final releases for PMI Services and durable goods, all with an eye on tomorrow’s payrolls.
  • NY Fed buy-op: Tsy 10Y-22.5Y, appr $1.625B (1030ET).
  • Bill issuance: US Tsy $50B 4W. $40B 8W bill auctions (1130ET).
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