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Waiting for US Data and ECB Policy Annc

US TSYS SUMMARY
Tsys see-sawed in a narrow range Wednesday, trading steady to marginally mixed by the close on the third consecutive session of no economic data to draw guidance from.
  • Bonds had pared gains following the decent $24B 20Y Bond auction re-open (2.144% high yld (2.290% last month) vs. 2.150% WI) as flow turned two-way, modest positioning ahead return of economic data Thursday (weekly claims, leading index, existing home sales). Focus also turns to ECB policy annc after Bank of Canada held rates steady but tapered QE by CAD1B to CAD3B. (Spurious headline prior to official release clearly said NO change to weekly bond buying causing some volatility in CAD).
  • Near another $10B in high-grade corporate supply priced in day, $38B total in first half of the week largely supra-sovereign.
  • Lead quarterly Eurodollar futures traded higher after 3M LIBOR dropped to new record low: -0.01087 to 0.17288% (-0.01537/wk) compares to prior record Low of 0.17525% on 2/19/21.
  • The 2-Yr yield is down 0.2bps at 0.1472%, 5-Yr is up 0.7bps at 0.7985%, 10-Yr is up 0.4bps at 1.5626%, and 30-Yr is up 1.2bps at 2.2634%.
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