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Tsys Underperforming Ahead Of PCE And Fed Speakers

BONDS

US Treasuries are underperforming in early Friday trade, ahead of another busy data and Fed speaker slate to close out the week.

  • Modest overnight strength across core FI - underpinned amid non-hawkish comments by BOJ Gov nominee Ueda - has faded in the European morning, with the German and UK curves flattening amid weakness at the short end (ECB's Nagel saw potential for large hikes beyond March).
  • The US cash curve meanwhile has bear steepened ahead of the PCE release.
  • European data was mixed (and not market-moving): a downward revision in the second reading of German Q4 GDP vs a better-than-expected French consumer confidence figure.
  • The January US personal income/spending report highlights the docket, with close attention paid to the PCE inflation readings. Also due are Jan new home sales and final UMichigan sentiment.
  • BoE's Tenreyro speaks later, and on the Fed speaker front, we get comments from Jefferson, Mester, Bullard, Collins, and Waller.

Latest levels:

  • Mar 10-Yr futures (TY) down 4.5/32 at 111-9.5 (L: 111-08.5 / H: 111-19)
  • Mar Bund futures (RX) up 13 ticks at 134.79 (L: 134.69 / H: 135.3)
  • Mar Gilt futures (G) up 16 ticks at 102 (L: 101.99 / H: 102.67)
  • Italy / German 10-Yr spread 2.4bps tighter at 188bps
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