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US TSYS: Tsys Yields Opened Higher Only to Reverse, Busy Night Ahead for US Data

US TSYS

TYH4 is trading at 111-03, + 03+ from NY closing levels.

  • Cash Tsys yields opened higher this morning, however those moves were quickly reversed in early trading. There has been a small flattening of the curve, as the 10yr is currently 1.9bps lower, while the 2y trades 1.2bps lower.
  • Outside of the Fed news flow of ceasing the BTFP (see below), news flows has been light. We did see US 10y futures get close to the Jan 19 lows, only to quickly reverse course, so that could be a factor in broader moves seen so far today.
  • The Federal Reserve Board Wednesday announced that its Bank Term Funding Program will cease making new loans as scheduled on March 11, and adjusted the program's interest rate higher for loans made before the deadline. (MNI Policy Team, see this link for more details, https://marketnews.com/mni-brief-fed-says-bank-term-funding-program-to-end-in-march).
  • Later tonight in the US: GDP, PCE, Weekly Claims and Treasury Sec Yellen Outlook
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