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Tsys Return to Pre-PPI Levels Ahead Wednesday's FOMC Minutes

US TSYS
  • Cash Tsys modestly firmer, off recent highs but holding near last Friday's pre-PPI levels as US desks return from extended holiday weekend.
  • Mirroring modest support in EGBs overnight followed larger than expected 25bp reduction in 5Y LPR during Asia-Pac hours, muted react to softer ECB Q4 negotiated wages to 4.5% from 4.7%.
  • TYH4 currently +4.5 at 109-28.5 vs. 109-30.5 high. Nearing initial technical resistance at 110-17 (Feb 15 high), support below at 109-17/15 (50.0% of Oct 19 - Dec 27 climb / Low Feb 16).
  • Limited data ahead: Philadelphia Fed Non-Manufacturing Activity kicks things off at 0830 followed by Leading Index at 1000ET.
  • No scheduled Fed speakers on today's docket, holding to the sidelines ahead of the Jan 31 FOMC minutes release tomorrow at 1400ET.
  • US Treasury auction supply: US Tsy $79B 13W, $70B 26W bill auctions at 1130ET followed by $46B 52W bill auction at 1300ET.

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