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What to Watch: More Fed Speakers

US TSYS
  • Light data calendar again Wednesday: MBA Mortgage Applications reported 3.7% earlier, up from -7.2% prior, Trade Balance reported -$62.2B vs. -$62.0B est (-$63.2B prior) wraps up the morning releases. Consumer Credit this afternoon at 1500ET.
  • Weaker Tsys inching off lows: TYH4 -3 at 111-06 vs. 111-01 low, well inside technicals: support at 110-22+ (Low Feb 5 and the bear trigger), resistance at 111-20 (20-day EMA). 10Y yield currently +.0076 at 4.1076%.
  • Focus remains on Fed speakers: MN Fed Kashkari popping up in the last few minutes expects 2-3 25bp cuts this year "seems appropriate". Scheduled speakers:
    • Fed Gov Kugler, outlook Brookings event, text, Q&A, livestreamed 1100ET
    • Boston Fed Collins, Boston Economic Club text, Q&A, livestreamed, 1130ET
    • Richmond Fed Barkin economic outlook, Q&A, no text, 1230ET
    • Fed Gov Bowman on supporting small businesses, 1400ET
    • NY Fed Dep SOMA Mngr Remache, keynote women in finance conf, 1515ET
    • NY Fed Nordstrom fixed income conf, moderated Q&A, livestreamed, 1630ET
  • Tsy supply: US Tsy $60B 17W Bill auction at 1130ET followed by $42B 10Y Note auction (91282CJZ5) at 1300ET.

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