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Tight Ranges Ahead Of Biden's Inauguration

BOND SUMMARY

T-Notes edged lower in early trade, while holding a tight 0-03+ range. The contract last sits -0-02 at 136-28, with e-minis hovering slightly above unchanged levels following Yellen's comments re: no imminent tax hikes & Netflix's after hours earnings report. Cash Tsy yields sit marginally higher across the curve. Eurodollar futures trade +0.25 to -0.50 tick through the reds. U.S. hours will see the inauguration of Joe Biden as the 46th POTUS.

  • JGB futures have inched higher and last deal at 151.87, 2 ticks above settlement. Cash JGB curve runs marginally flatter, with 10s outperforming. We have 6-Month Bill supply coming up later today. In local news, the Nikkei reported that Japan could extend its employment subsidy scheme. Elsewhere, JSDA data showed that Japanese trust banks purchased the most super-long JGBs since 2013 last month.
  • 10-Year ACGB futures blipped higher after a solid ACGB Jun '31 auction. Australian YM trades -0.5 & XM sits +1.0 as we type. Cash ACGB curve has flattened at the margin, with 30s outperforming. Bills sit unch. to -1 tick through the reds. China's LPR fixing will provide some interest today.
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