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What to Watch: Empire MFG, Equity Earnings, World Economic Forum

US TSYS

Tsys trading softer, near overnight lows; 30YY currently 3.6722% +.0620 vs. 3.6898% high, yield curves bear steepening (2s10s +4.229 at -69.266).

  • Economic data limited to Empire Manufacturing (-11.2 prior, -8.6 est) at 0830ET.
    • Data picks up in earnest on Wednesday January 18 with Retail Sales, PPI, Business Inventories, Net TIC flows.
  • US Tsy auctions: $60B 13W, $48B 26W bill auction at 1130ET
  • Fed Speakers, NY Fed Williams open remarks, equitable growth conf, (no text or Q&A) at 1500ET. (Philly Fed Harker discusses eco-outlook Wed at 1400ET)
  • Equity earnings resume, Goldman Sachs just annc ($10.59B 4Q rev vs. $10.7B est, $3.32 EPS), Morgan Stanley expected to announce before the NY open, UAL and Interactive Brokers after the close.
  • GLOBAL POLITICAL RISK: World Economic Forum (WEF) underway in Davos; Link to WEF

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