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Weaker, With Yellen Awaited

US TSYS SUMMARY

Tsys are a little weaker with the curve bear steepening as markets pick up after Monday's holiday, with the dollar under a bit of pressure and equities stronger.

  • Mar 10-Yr futures (TY) down 6/32 at 136-21.5 (L: 136-21 / H: 136-31.5). Volumes have picked up following the long weekend, ~470k traded. The 2-Yr yield is up 0.6bps at 0.1391%, 5-Yr is up 2.1bps at 0.471%, 10-Yr is up 3.4bps at 1.1176%, and 30-Yr is up 3bps at 1.8628%.
  • The main event is Treasury Sec-nominee Yellen's confirmation hearing before the Senate Finance Committee, starting at 1000ET (past Tsy Sec hearings have lasted 4-5+ hours).
  • Though prepared remarks have already unofficially made the rounds (to urge need to "act big" on fiscal stimulus), Q&A could see anything from dollar policy to Tsy issuance duration.
  • Bank earnings will capture some attention, with BofA (0645ET) and Goldman (0730ET) reporting before the equity bell. Netflix after hours.
  • No data of note (Nov TICs at 1600ET), and FOMC blackout in effect.
  • In supply, we get some catch-up from Monday's market holiday: $105B in 13-/26-week bills at 1130ET, and $60B in 42-/119-day bills at 1300ET. NY Fed buys ~$1.750B of 20-30Y Tsys.
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