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Tsys Futures Steady, Fed's Daly Says No Urgency To Cut

US TSYS
  • Treasury futures have been relatively stable on Tuesday, as Asian Equities and FX sell off during the session. There have also been a few block steepener trades going through. The 10Y contract hovers around the 108-00 level at the moment, (+ 04) from NY closing level, after earlier making a high of 108-04 and we still comfortably hold above initial support at 107-16+ (2.50 proj of Dec 27 - Jan 19 - Feb 1 price swing), while to the upside resistance holds at 108.25+ (Apr 12 high).
  • Cash Treasury curve bear-steepened on Monday with yields 2-9bps higher, we are mostly unchanged here in Asia with the 2Y yield unchanged at 4.920%, 10Y +0.6bp to 4.608%.
  • Across the local markets curves are following UST and bear steepening with ACGBs yields 2-5bps higher, NZGBs are 3-7bps higher, while in the EM space INDON 10Y rose to highest levels since November at 6.82%
  • (MNI) MNI BRIEF: Fed's Daly Reiterates No Urgency To Cut Rates (See link)
  • Looking ahead: Building Permits, IP/Cap-U, and Fed Speak with Chairman Powell moderating a Q&A session with BoC head Macklem.
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