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Treasuries Modestly Richer With PMIs, 2Y Supply In Focus

US TSYS
  • Cash Tsys trade modestly richer with the US coming in to find yields at the top end of yesterday’s range in the front end to belly and the lower end further out the curve. A lighter docket sees focus on today’s US PMI and 2Y supply, the former seeing mixed signs from Europe where the Eurozone composite beat (+0.9pts to 50.2, cons 49.8) but the UK composite missed (-1.2pts to 47.8, cons 48.8).
  • 2YY -1.3bps at 4.215%, 5YY -2.1bps at 3.599%, 10YY -1.3bps at 3.497%, 30YY -1.2bps at 3.669%.
  • TYH3 trades 6+ ticks higher at 114-28+ on again below average volumes due to the Lunar New Year period. Its three-day pullback from the Jan 19 high of 116-08 was considered corrective with trend conditions remaining bullish, but support is seen at 114-16 (Jan 18 low).
  • Data: Philly Fed non-mfg, Jan (0830ET), S&P Global US mfg & service PMI, Jan prelim (0945ET), Richmond Fed mfg, Jan (1000ET).
  • Bond issuance: US Tsy $42B 2Y Note auction (91282CGG0) – 1300ET
  • Bill issuance: US Tsy $34B 52W bill CMB auction – 1130ET


US 2Y and 10Y yields (top panel), 2s10s spread (bottom panel)Source: Bloomberg

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  • Cash Tsys trade modestly richer with the US coming in to find yields at the top end of yesterday’s range in the front end to belly and the lower end further out the curve. A lighter docket sees focus on today’s US PMI and 2Y supply, the former seeing mixed signs from Europe where the Eurozone composite beat (+0.9pts to 50.2, cons 49.8) but the UK composite missed (-1.2pts to 47.8, cons 48.8).
  • 2YY -1.3bps at 4.215%, 5YY -2.1bps at 3.599%, 10YY -1.3bps at 3.497%, 30YY -1.2bps at 3.669%.
  • TYH3 trades 6+ ticks higher at 114-28+ on again below average volumes due to the Lunar New Year period. Its three-day pullback from the Jan 19 high of 116-08 was considered corrective with trend conditions remaining bullish, but support is seen at 114-16 (Jan 18 low).
  • Data: Philly Fed non-mfg, Jan (0830ET), S&P Global US mfg & service PMI, Jan prelim (0945ET), Richmond Fed mfg, Jan (1000ET).
  • Bond issuance: US Tsy $42B 2Y Note auction (91282CGG0) – 1300ET
  • Bill issuance: US Tsy $34B 52W bill CMB auction – 1130ET


US 2Y and 10Y yields (top panel), 2s10s spread (bottom panel)Source: Bloomberg