FED: US TSY 9Y-11M AUCTION: NON-COMP BIDS $73 MLN FROM $39.000 BLN TOTAL

[A quick look at the distribution of analyst estimates for nonfarm payrolls growth, the unemployment rate and AHE growth in January for Wednesday's report. The full MNI Payrolls Preview will follow later today]

• Primary dealer analysts look for monthly seasonally adjusted nonfarm payrolls growth of 75k in January for slightly stronger than the 68k median in the full Bloomberg survey.
• There’s a reasonable range to these estimates across primary dealer analysts, from 0k (Scotiabank) to 135k (Citi).
• Most expect a limited contribution from the public sector this month but that’s not a uniform view, with three looking for a 10k boost and then Morgan Stanley a clear standout with -35k on account of a somewhat extended deferred resignation program. 
• The unemployment rate is broadly expected to round to 4.4% again although a 4.375% starting point from December sees a slight bias to round down to a hawkish looking 4.3%.
• Analysts were surprised last month, with that realized 4.38% going against consensus of 4.5% where risks had tilted towards a 4.6% print.
• Average hourly earnings growth is mostly expected to come in at 0.3% M/M with mostly offsetting limited views of risks in either direction. 

• 40,000 0QG6 97.12 calls, 0.5 ref 96.88, open interest 51,432 coming into the session

• US TSY 13W BILL AUCTION: HIGH 3.600%(ALLOT 36.60%)
• US TSY 13W BILL AUCTION: DEALERS TAKE 33.30% OF COMPETITIVES
• US TSY 13W BILL AUCTION: DIRECTS TAKE 6.23% OF COMPETITIVES
• US TSY 13W BILL AUCTION: INDIRECTS TAKE 60.47% OF COMPETITIVES
• US TSY 13W BILL AUCTION: BID/CVR 2.76