US TSYS: Bear Steeper Following Takaichi Victory
Feb-09 11:55
Treasuries are bear steeper with the front-end somewhat pinned ahead of Wednesday’s NFP and Friday’s CPI reports, not to forget retail sales tomorrow as well, but with the long-end slipping on larger moves in JGBs following Japan PM Takaichi’s snap election landslide win.
- Cash yields are 0-3bp higher, with increases led by 20s and 30s.
- 5s30s at 111.4bp (+1.9bp) but still off overnight Friday highs of 113.3bp when crypto pressures peaked.
- TYH6 trades at 111-31 (-04+) on strong cumulative volumes of 495k.
- It’s off an earlier low of 111-26 which pierced support at 111-29 (20-day EMA) after which lies the bear trigger at 111-09 (Jan 20 low). Resistance meanwhile is seen at 112-16+ (Feb 6 high).
- Data: NY consumer survey incl inflation expectations Jan (1100ET)
- Fedspeak: Waller (1330ET), Miran (1430ET), Bostic (1515ET), Miran (1700ET)
- Bill issuance: US Tsy $89B 13W & $77B 26W bill auctions (1130ET)
- Politics: Trump in TV interview (1500ET), Trump in policy meeting (1730ET)
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- We have published and e-mailed to subscribers the MNI US Employment Insight.
- Please find the full report, including detailed MNI analysis of the payrolls release plus a variety of other key labor indicators, here: https://media.marketnews.com/US_Employment_Report_Jan2026_3a3292abe9.pdf
