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What to Watch: Geopol Headline Risks

MARKET INSIGHT
Rates trading mixed, curves inching off deeper inverted levels (2s10s at -3.675, +4.173; 5s30s at -15,731 +1.906) with short end climbing higher last hour, 5s extending top of range ahead NY open at 114-01.5 (+.75).
  • Sensitivity to geopolitical headline risk on the rise again (broad based FI bounce around 0333-0400ET on headlines EU pinning "atrocities" in Ukraine on Russia, calls for more sanctions on Russia.
  • Otherwise, relatively quiet on the data front today at 1000ET:
    • Factory Orders (1.4%, -0.6%); ex-Trans (1.0%, 0.3%)
    • Durable Goods Orders (-2.2%, -2.2%); ex-Trans (-0.6%, -0.6%)
    • Cap Goods Orders Nondef Ex Air (-0.3%, --)
    • Cap Goods Ship Nondef Ex Air (0.5%, --)
  • No scheduled Fed speakers on the day
  • US Tsy $57B 13W, $48B 26W bill auctions

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