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Treasuries Twist Flatten Ahead Of Powell Hearing

US TSYS
  • Cash Tsys have twist flattened this morning with short-end yields extending to new pandemic era highs whilst the long-end is modestly richer.
  • 2Y yields are +2.0bps at 0.915%, 5Y +1.0bps at 1.529%, 10Y -0.5bps at 1.755% and 30Y -1.1bps at 2.078%.
  • TYH2 has unwound a recent rally, leaving it up 4 ticks at 128-08+ towards the upper end of yesterday’s range. There have been various supports around these levels, but first support is now seen at 127-30 (1.764 proj of Dec 20-29-31 price swing), tested yesterday, after which it opens 127-18+ (2.00 proj of the Dec 20-29-31 price swing). Initial resistance is seen at 129-00 (Jan 6 high).
  • Powell’s nomination hearing at the Senate is at 1500ET, with prepared remarks released late yesterday. Separately, Mester (2022) and George (2022) speak beforehand.
  • NY Fed buy-ops: Tsy 4.5Y-7Y, appr $4.525B (1030ET) and Tsy 10Y-22.5Y, appr $1.625B (1120ET).
  • Tsy issuance: $52B 3Y Note auction (1300ET).
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