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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.0979 MON VS 7.0967

Japan Feb Machine Orders +7.7% M/M

MNI JAPAN FEB CORE MACHINE ORDERS +7.7% M/M; JAN -1.7%

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Stimulus Headline Drivers

US TSYS SUMMARY

Trading moderately higher after the bell, see-sawing near top end second half highs, disappointing volumes after a decent start: TYZ currently >875k after starting session at 350k. Ignoring several Fed speakers and weekly claims (840K), stimulus related headlines drove market moves most of day. Second presidential debate tug of war over virtual venue a mere sideshow for now.

  • Stand-alone stimulus talks drove session moves. Bit of a risk-on move ahead NY open after Trump headlines: stimulus talks "starting to be productive" after he cancelled more systemic relief negotiations late Tue, while larger relief for airlines being discussed as well. Later appearances by House Speaker Pelosi and Sen Majority leader McConnell spurred bouts of risk-off and -on respectively.
  • Long end see-sawed, pared gains after bond auction tailed: US Tsy $23B 30Y bond R/O auction (912810SP4) yields 1.578% (1.473% last month) vs. 1.567% WI; w/ 2.29 bid/cover (2.31 prior). Indirects drew 62.01% vs. 62.60% prior, 14.97% directs vs. 16.10%, and 23.01% for dealers vs. 21.30% prior.
  • The 2-Yr yield is down 0.6bps at 0.1448%, 5-Yr is down 1.7bps at 0.3245%, 10-Yr is down 2.2bps at 0.7652%, and 30-Yr is down 2.1bps at 1.5649%.
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