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Stabilizing Ahead Of Payrolls

US TSYS SUMMARY
Tsys have stabilized after the sell-off following Fed Chair Powell's comments Thursday, with nonfarm payrolls the highlight of Friday's schedule.
  • Yields have eased off late Thurs/Asia Pac highs but still remain elevated vs pre-Powell, with the general dynamic having been rising real yields alongside falling breakeven inflation.
  • The 2-Yr yield is down 0.8bps at 0.1369%, 5-Yr is down 1.3bps at 0.7773%, 10-Yr is down 2.1bps at 1.5435%, and 30-Yr is down 3.3bps at 2.2875%.
  • Jun 10-Yr futures (TY) up 1/32 at 132-13.5 (L: 132-05.5 / H: 132-17).
  • Equity futures still in the red alongside a stronger dollar, but off overnight lows.
  • Feb employment report out at 0830ET. MNI dealer median for headline payroll growth is +200k, outliers being Citi +410k and on the other end, NatWest and RBC expecting contractions.
  • 1500ET sees consumer credit data, along with the final scheduled Fed speaker scheduled pre-FOMC blackout this weekend: Atl's Bostic speaking on macroeconomic policy.
  • No supply, but NY Fed buys ~$8.825B of 2.25-4.5Y Tsys.
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