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US TSYS: Steepening Theme Continues, Flash US PMIs Tonight

US TSYS

TYH4 is trading at 111-08, + 01+ from NY closing levels.

• Cash bonds continue their steepening trend, with the 2y opening 0.5bp lower, while the 10y is opening 0.5bp higher, the 30y was under pressure overnight, hitting its highest levels since early December, and trading 0.5bp higher in Asia.
• The 2Y closed -2.5bp overnight , the move extends prior steepening with 2s10s +4.8bps at -23.6bps but only back to late Friday levels.
• Fed Funds implied cuts have lifted modestly to a cumulative 12bp for March, 56bp for June and 135bp for Dec.
• Later tonight, flash US PMIs, the BoC decision and 5Y supply (after today’s 2Y landed on the screws, with lower bid-to-cover but higher indirect take), before Thursday sees the ECB decision plus first estimates for Q4 US GDP/core PCE and 7Y supply.

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