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Some supplies to take down, ahead of FOMC

BUNDS
  • Bund is trading back at the upper end of the range 170.52, but still in a 23 ticks range.
  • The contract did trade below the small support noted at 170.36 yesterday, which held, it broke overnight, but on very limited liquidity volume as the Globe gears up for the FOMC.
  • Support is still seen at the 170.35 area, did print 170.29 overnight.
  • A clear break below the latter would open to last week's gap at 169.92/169.80.
  • Most of the focus is in Equities, after some massive January moves, while Rate and Govies are more likely to stay stable until we hear from the Fed.
  • Today sees no tier 1 data, and the only notable release pre Fed, will be the US Wholesale Inventories.
  • SUPPLIES: Early focus is on Supplies, with UK 30yr Linker (won't impact Gilts), Italy 2yr EU3.75bn (Equates to 27.5k short BTP), plus linkers, German Bund EU4bn (26.2k Bund), US $26bn 2yr FRN.
  • SYNDICATION: Finland EU3bn WNG 20yr Bond.
  • EARNINGS: AT&T, Boeing, Abbot Labs, Intel, Tesla.
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