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Twist Flatter In Thin Volumes, Treasury Issuance Headlines Light Docket

US TSYS
  • Cash Tsys have pulled back off highs seen in European hours to sit close to lows shortly after the Asia open. Yields sit between 1.7bp higher (2s) and ~0.5bps lower (20s and 30s) for a modest flattening on the day with 2s10s at -41bps only slightly steeper than pre-NFP levels.
  • TYM4 sits at 111-25 (+ 01+) on low cumulative volumes of 215k. Friday’s payrolls-induced volatility saw a wide range of 111-08 to 112-04+, the latter marking resistance with the bull cycle remaining in play. Next resistance would be 112-10+ (61.8% retrace of Feb 1-23 bear leg).
  • Treasury issuance headlines an otherwise particularly light docket today, with macro focus firmly on tomorrow’s US CPI as markets watch to extent the January acceleration was down to one-off factors.
  • Data: NY Fed Inflation Expectations (1100ET)
  • No Fedspeak - media blackout
  • Note/bond issuance: US Tsy $56B 3Y Note auction - 91282CKE0 (1300ET)
  • Bill issuance: US Tsy $79B 13W, $70B 26W bill auctions (1130ET)
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