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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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Tsys trading weaker but have gradually risen off early overnight lows as US returns from extended MLK holiday weekend. Invasion fears/geopol tensions rise with Russia over Ukraine: headlines making rounds that Russia and Belarus won't rule out using joint military capacity. US Sec of State Antony Blinken to travel to Ukraine this week.
  • Closer to home, focus on voting rights bills this week (Freedom to Vote Act and the John Lewis Voting Rights Advancement Act), vote as early as Wednesday.
  • Tsys yields' overnight highs: 30YY 2.1804% currently 2.1367%; 10YY 1.8536% currently 1.8180%. Yield curves bear flattening (5s30s -4.105bp at 52.148 vs. 49.398 low.
  • Equities weaker but off lows: ESH2 -44.75 at 4610.0. Corporate earnings releases still early in the new cycle.
  • Federal Reserve entered media blackout re: monetary policy late Friday, runs through Jan 27, day after FOMC annc. On latest CB policy annc's, BOJ held rates steady while making adjustments to inflation and GDP targets.
  • Relatively muted data: Empire Manufacturing (25.0 est vs. 31.9 prior), NAHB Housing Market Index (84 est), TICs flows this afternoon.
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com

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