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Treasuries Firm On The Day As Biden Heads To Brussels

US TSYS
  • Cash Tsys have rallied on the day as Biden heads to Brussels with plans for more sanctions on Russia. A modest trimming in rate hike expectations from very high levels has helped drive a bull steepening.
  • 2YY -2.8bps at 2.136%, 5YY -3.4bps at 2.366%, 10YY -1.8bps at 2.364% and 30YY -0.6bps at 2.595%.
  • TYM2 has nudged higher on the day, up 3 ticks at 122-26+ after a brief sell-off shortly after open on slightly above average volumes. Initial support is now seen at the earlier low of 122-12 whilst resistance remains at 124-25+ (Mar 18 high).
  • Fedspeak: Powell at 0800ET at BIS panel on innovation with possibly limited mon pol implications after a similar appearance from Williams yesterday. Daly (2024 voter) and Bullard (2022) both speak for the second day running.
  • Bond issuance: US Tsy $16B 20Y Bond auction re-open (1300ET)
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