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Tsys Finish Heavy

US TSYS
Tsys traded heavy Tuesday, hugging lows in second half on subdued trade following whipsaw action in the first half.
  • Tsy futures gap lower post PMI, rebounds on 2-way trade, USH3 124-17 low, 124-23 last, 30YY 3.9513 high
  • Inching off lows after Existing Home Sales came out weaker than forecasted, USH3 12409 vs. 124-04 low pre-data (30YY taps 3.9774% high). Yield curves extend steeper, 2s10s tapping -76.749 highs. Heavy volumes more associated to Mar/Jun quarterly rolls, pre-auction short sets in 2s.
  • Tsy futures inch lower, modest selling after weak $42B 2Y note auction (91282CGN5) tails: 4.673% high yield vs. 4.667% WI; 2.61x bid-to-cover vs. 2.94x prior. Indirect take-up slips to 62.04% vs. 64.99% prior month, direct take-up 22.99% vs. 18.73% prior, primary dealer take-up 14.97% vs. 16.28%.
  • Equity earnings continue after the close: FANG ($5.23 est), PSA ($3.97 est), TOL ($1.38 est), CHK ($2.86 est)..
  • Focus turns to Wednesday's Feb FOMC minutes release at 1400ET.
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