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Curve A Touch Flatter Pre-CPI, 30-Yr Supply, Impeachment Vote

US TSYS SUMMARY

The recent steepening of the curve is showing further signs of taking a breather Wednesday, with long end yields retracing slightly.

  • Mar 10-Yr futures (TY) up 2.5/32 at 136-15 (L: 136-13 / H: 136-19.5) on heavy volumes, ~425k traded.The 2-Yr yield is up 0.2bps at 0.1469%, 5-Yr is flat at 0.4995%, 10-Yr is down 0.5bps at 1.124%, and 30-Yr is down 0.6bps at 1.8655%.
  • House of Reps set to vote on Trump's impeachment (debate 0900ET, vote likely mid-/late afternoon) - likely to pass, most attention overnight on reports that McConnell and others in Senate increasingly favoring impeachment.
  • Attention also turning to Thursday's stimulus announcement by Pres-Elect Biden, time TBA.
  • 0830ET sees Dec CPI data.
  • Fed speakers highlighted by Gov Brainard at 1300ET; StL's Bullard and Minn's Kashkari (both 0930ET), Philly's Harker at 1400ET, and VC Clarida at 1500ET also bear watching. Beige Book out at 1400ET.
  • $55B of 105-/154-day bills sell at 1130ET, with main event being $24B 30-Yr re-open at 1300ET. NY Fed buys ~$3.625B of 4.5-7Y Tsys.
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