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Yields Inch Higher Ahead January CPI

US TSYS SUMMARY
Rates held mildly weaker levels after Tuesday's closing bell, second half action relative quiet as Senate trial of former Pres Trump got underway. Rates reversed mildly higher levels in the last hour of trade while equities traded mixed, Dow Industrials and NDX firmer, SPUs drifted near steady -- off all-time highs (ESH1 3913.25).
  • Option vol selling weighed on implieds after better downside put buying buoyed levels earlier. Hedging core steepener risk, conditional bear curve flatteners reported in late Eurodollar option trade: short Dec 93/96 put spds 1.0 over Green Dec 88/91 put spds and short Sep 97/Blue Sep 81 put spds.
  • First leg week's Tsy refunding right on the screws: US Tsy $58B 3Y Note auction (91282CBM2) drew 0.196% high yield (0.234% last month) vs. 0.196% WI, on a bid/cover 2.39 vs. 2.52 previous, indirects drew 52.74% vs. 52.20% prior, directs 16.05% vs. 14.57% prior, dealers w/ 31.21% vs. 33.23% prior. $41B 10Y note auction Wed.
  • After dearth of data in first two days of the week, Wednesday brings Jan CPI (0.3% exp vs. 0.2% prior/rev), Wholesale Trade Sales/Inventories, Fed Chair Powell speaks at Economic Club NY.
  • The 2-Yr yield is up 0.6bps at 0.1171%, 5-Yr is down 0.5bps at 0.4737%, 10-Yr is down 1.4bps at 1.1568%, and 30-Yr is down 0.4bps at 1.9485%.
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