US Cash Yields Open Higher, Weekly Claims & PMI Tonight

TYH4 is trading at 112-14+, + 04 from NY closing levels.
Slow open for Tsys futures here in Asia this morning, post the close TYH4 traded to 112-20, but we have given back -04 of that move so far. Cash yield have just opened 1.5-3bps higher across the curve

• It was a busy data night in the US last night with lower than expected ADP Employment Change: 107k vs. 135k est, and as widely expected, the FOMC left the funds rate unchanged at 5.25%‑5.50%. Fed Chair Powell said he doesn't think the Fed will have the confidence to cut by the March meeting.
• Headlines have crossed that Goldman Sachs has pushed back its forecast for the 1st Fed cut to May from March. It still expects 5cuts this year (BBG).
• Treasury futures saw some volatility as expected post the FOMC announcement, trading from 112-13+ down to 112-01+, though quickly reversed course to trade strong into the close, reaching a high of 112-20.
• Cash bond yields traded lower overnight with the 2Y at 4.207%, -12.8bps , while the 10Y trades at 3.912%, -11.9bps. As Asia trading kicks off, we are giving back some of the move lower, with yields across the curve 1.5-3bps higher
• Data Tonight: Weekly Claims, Flash PMIs, ISMs, followed by Non-Farm Payrolls on Friday