T-notes traded range bound in the early part of the session before moving marginally higher following worse than expected Housing Starts data out of the US. The next key risk event was the FOMC minutes which continue to show a less dovish tone due to the costs involved with further asset purchases. T-notes moved 9 ticks lower in the immediate reaction to the minutes as several members on the FOMC said Fed should be prepared to vary pace of QE. However some of the move was retraced due to some members highlighting the risks of ending QE too early. Heading into the close, T-notes have seen varying price action, taking another leg lower before retracing. At the pit close, T-notes settled at 131.15, up 4 ticks.
20 Feb 2013 - 21:02 - - Source: RANsquawk
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