Tsy futures extend rally into the NY...>

US TSY FLOWS: Tsy futures extend rally into the NY open, long end outperforming;

Tsy yld curves paring prior session's steepening; equities firmer (SPX +10.5,

2784.75); US$ index firmer (DXY +.057, 96.662).

- Aside from multiple Fed speakers today, mkts will see Fed's semiannual policy

REPORT ahead of Chairman Powell's testimony on Feb 26. That said .. DC

colleagues don't think much will be drawn from the report to Congress Fri,

usually a dull recap of all FOMC has done last 6 mos.

Overnight flow included some deal-tied buying/hedge unwinds in short end, bank

buying 5s, real$ buying in long end. Swap-tied selling in 2s and 5s as short end

holds just above 3Y narrows tapped yesterday.

- Tsy cash/ylds: 2Y 99-30.88 (2.516%), 5Y 100-00 (2.498%), 10Y 99-19 (2.670%),

30Y 99-15 (3.026%).