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Treasuries Bear Flatten On Faster Hiking Risks

US TSYS
  • Cash Tsys have held onto the bear flattening seen overnight after Atlanta Fed’s Bostic alluded to the risks of faster rate hikes late Friday along with Goldman increasing its rate hike call to 5 hikes in 2022.
  • 2Y yields +4.0bps at 1.203%, 5Y +2bps at 1.632%, 10Y +1.8bps at 1.787% and 30Y +1.9bps at 2.092%.
  • TYH2 sits towards the high end of Friday’s range at 127-28+ on soft volumes, roughly equidistant from resistance at 128-16 (20-day EMA) and support at 127-06+ Jan 26 low).
  • Fedspeak: SF’s Daly (non-voter, dove) at 1130ET followed by KC’s George (2022, hawk) at 1240ET.
  • The main data release today is The Chicago Business Barometer by MNI (0945ET) with consensus for a dip from 63.1 to 61.8 in Jan.
  • NY Fed buy-op: Tsy 2.25Y-4.5Y, appr $8.425B vs. $6.325B prior (1030ET)
  • Issuance: 1130 US Tsy $60B 13W, $51B 26W bill auctions (1130ET)
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