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Weaker Ahead Of PCE Data And MNI Chicago PMI

US TSYS SUMMARY

Treasuries are taking another leg lower at the time of writing, on heavier-than-usual (some of which is likely month-end related) volumes overnight.

  • Curve is bear steepening: 2-Yr yield is unchanged at 0.1172%, 5-Yr is up 1.1bps at 0.4383%, 10-Yr is up 3.6bps at 1.0808%, and 30-Yr is up 4.1bps at 1.8453%.
  • Mar 10-Yr futures (TY) down 6/32 at 137-02 (L: 137-02 / H: 137-10.5), ~360k traded.
  • Not really a risk-on move, with equities weaker and the USD higher (albeit well off session highs).
  • Attention still on Gamestop and other short-squeeze stocks - GME shares doubling pre-market as the phenomenon continues.
  • We get Dec personal income/spending and PCE prices at 0830ET, with MNI Chicago PMI at 0945ET. Final UMich Sentiment and pending home sales at 1000ET.
  • Dallas Fed's Kaplan speaks twice today, at 1300ET and 1600ET; SF's Daly speaks at 1725ET.
  • No supply today; NY Fed buys ~$1.225B of 7.5-30Y TIPS.
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