Treasury Closing Summary:
Treasury Closing Summary: Treasuries surrendered month-end gains on Wednesday to kick off the month of March, backing sharply higher in the wake of the kinder and gentler Trump SOTU address the night before. Dudley and Kaplan kept a fuse lit under policy normalization, which saw odds of a March rate hike more than double to the 75-80% area. Stocks staged a 1.2-1.5% SOTU rally to underscore the rotation back into equities and out of fixed income after the scramble to do the opposite on Tuesday. Data was mixed with updates on ISM, construction, autos and personal income, while the Beige Book report didn't really reveal anything new per se. There was also a bevy of corporate issuance lining up, adding to rate lock hedging.