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Bearish Outlook

ENERGY

European Gas Imports Remain in Focus

WTI TECHS

(N2) Remains Above Yesterday’s Low

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US TSY FLOWS
US TSY FLOWS: Tsy futures trading mildly higher, near low end overnight range on
decent volume (TYZ>300k), 10Y yld 2.367%. Focus on BoE policy annc at 0800ET
followed by US Pres. Trump's official annc Fed chair pick (likely Powell) at
1300ET, Tax cut/reform bill annc(?), then Fri's NFP (315k est). Equities softer
(emini -2.5, 2572.25), gold firmer (XAU +1.94, 1276.61), oil little weaker (WTI
-0.10, 54.20).
- Asia, Tsys traded firmer early overnight, gaining after WSJ sources article
pointing to Powell as next Fed chair. Risk-off tone amid chatter that certain
proposed tax cuts would be phased out in ten years. Dow industrial futures and
US$ trimmed gains/recovered. Sources reported selling on highs by fast$,
regional banks and asset managers.
- London, Tsy prices came under pressure w/EGBs on supply, two-way in 5s and 10s
on net after buying in cash 5s. Tsys holding near low end of range ahead BoE.
- Swaps, spds mildly wider after sharp spd curve steepening Wed on refunding
annc.
- Eurodollar futures steady to mildly higher out the strip.
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com

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