Markets await the refinancing details, while US Treasury yields fluctuate narrowly in preparation for data week.
TL;DR
U.S. Treasury yields remained stable as markets awaited refinancing details and ISM Services PMI data, with the 10-year yield slightly up and the 30-year unchanged.
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Odaily Odaily reports that U.S. Treasury yields were little changed during Asian trading hours as the market awaited the quarterly refinancing announcement and the ISM Services PMI data. According to a Wall Street Journal survey of analysts, the U.S. January ISM Services PMI is expected to fall to 53.5 from the previous reading of 54.4. Michael Brown of Pepperstone noted in a report that this data will be closely watched, not only because of the overall performance following Monday's significantly better-than-expected ISM Manufacturing data, but also because the employment sub-index will be the focus given that the January jobs report will not be released on Friday. According to Tradeweb data, the 10-year U.S. Treasury yield rose 0.3 basis points to 4.274%, while the 30-year U.S. Treasury yield remained stable at 4.906%. (Jinshi)