The 10Y Treasury yield was stuck....>

US TSYS SUMMARY: The 10Y Treasury yield was stuck at around 2.86% for the

entirety of the early Asian session and only when Bund contract prices began to

slide did the yield move away from this level but only to 2.87%. There appears

little conviction to take the market in any direction ahead of the Powell

Testimony later today.

- There is little movement elsewhere on the curve although short dated swap

spreads are widening as paying pressure was evident in the swap market, with 1Y

and 2Y volumes fairly good. The 2Y swap spread was last at 28.4bp, a 1.4bp

widening. 

- Equity index futures had show modest strength in Asian but appears to have

faded and the S&P mini is suggested a 0.3% decline at the US open.

- There are several second tier data releases today in the US: Advance Goods

Trade Balance, Durable Goods and Conf. Board Consumer Confidence. These are mere

distractions from the Powell Testimony. The prepared remarks and large economic

report will be released at 1330GMT and the testimony gets underway at 1500GMT.