Morning Juice – US Session Prep (11th February)

Sentiment
Treasuries edged higher ahead of US jobs data, pushing the US 30-year yield to its lowest level since early December. Investors are also awaiting a $42 billion auction of 10-year notes later in the day. The dollar extended losses for a fourth consecutive session.

“The relative rates story is back in play, with soft US economic data encouraging investors to price in a greater chance of additional Fed rate cuts,” said a strategist at Credit Agricole.

The 30-year yield fell 1 basis point to 4.77%, its lowest level since Dec. 11th. Gains were led by the long end, resulting in a bull flattening of the curve.

Traders are discounting Fed cuts in June and October.

Docket
08:30 ET
US Employment Situation for January
Nonfarm Payrolls – Forecast: 65k | Prior: 50k | Range: 135k / -10k
Unemployment Rate – Forecast: 4.4% | Prior: 4.4% | Range: 4.5% / 4.3%
Average Earnings YoY – Forecast: 3.7% | Prior: 3.8% | Range: 3.8% / 3.5%
US Private Payrolls – Forecast: 68k | Prior: 37k | Range 140k / 25k

10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: -0.024M | Prior: -3.455M | Range: 2M / -2.768M

13:00 ET
US sells $42 bln 10-Year Notes
Prior High Yield: 4.173%
Prior Bid-to-cover: 2.55

Speakers
10:00 ET
Fed’s Schmid speaks at the Economic Forum of Albuquerque
Text: Yes. Q&A: Yes, audience.

10:15 ET
Fed’s Bowman speaks in a virtual moderated conversation at Keefe, Bruyette & Woods 33rd Annual Winter Financial Services Conference
Text: No. Q&A: Yes, moderator.

11:00 ET
Trump Meets Netanyahu

12:00 ET
ECB’s Schnabel gives a speech on Europe’s economy at the Austrian Academy of Sciences.

16:00 ET
Fed’s Hammack speaks on leadership at Ohio State University
Text: No. Q&A: Yes.

16:30 ET
Trump participates in the Champion of Coal Event

Earnings
16:05 ET
Cisco Systems Q2 2026 Earnings
Est. EPS: $1.02
Est. Rev: $15.12B

Good luck!