US set to sell 2-year notes at the top of the hour

Do you like hard data or soft data?

That's the question facing bond markets today ahead of the sale of 2-year notes at the top of the hour. There are $69 billion up for grabs and they're rich on recent history at around 4.00% compared to last months' sale at 4.169%.

Today, there has been a strong bid since the poor consumer confidence data but BMO notes that March is seasonally negative for 2-year sales with only one auction since 2018 stopping through compared to five tails.

"The April 1st trade policy review is quickly approaching, and investors are understandably wary of each incoming White House headline that could potentially reshape the tariffs debate," BMO writes.