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30Y Inflation-Linked Yld -0.508% Record Low

US TSYS
Tsys revisit second half lows in after hours trade, moderate overall volumes (TYZ1 just over 1.0M futures), yield curves mixed/longer spds flatter (5s30s -6.72 at 76.04), 30Y Inflation-linked yld -0.508% record low.
  • No data Monday but multiple Fed speakers echoing hawkish tones: Clarida Says Fed On Track To Raise Rates By End Of 2022; Harker Prepared To Hike Before Taper Ends If Prices Surge; BULLARD: THIS IS `ONE OF THE HOTTEST LABOR MARKETS' WE'VE SEEN ... has TWO RATE HIKES PENCILLED IN FOR 2022, Bbg.
  • For a little variety: Fed Regulation Chief Quarles announced his resign at year-end. Chairman Powell again Tuesday; data focus on PPI Final Demand MoM (0.5%, 0.6% est); YoY (8.6%, 8.6% est)
  • Early long end bid evaporated quickly, futures see-sawed to session lows early second half. Tsy futures held near lows after $56B 3Y note sale (91282CDH1) tailed (0.750% high yield vs. 0.642% WI; 2.33x bid-to-cover vs. 2.44x 5-auction avg) but bounced off lows following Block buy 7.5k FVZ 122-04.
  • Sources also report bank portfolio buying 10s-30s after real$ sold 30s earlier, foreign real$ bought 3s earlier. Deal-tied selling earlier starting to unwind as swappable corporate issuance launched, $5.5B Westpac 5Pt lions share of Mon's $12.55B total corporate issuance. Large 12k Eurodollar Green-pack Block buys.
  • The 2-Yr yield is up 4.6bps at 0.4466%, 5-Yr is up 6.1bps at 1.1169%, 10-Yr is up 4.2bps at 1.4932%, and 30-Yr is down 0.1bps at 1.8857%.
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