A Little Flatter Again On Thursday

A flat re-open for T-Notes, last -0-00+ at 134-10.

• To recap, the curve twist flattened on Thursday, with yields out to 5s little changed and 30s richening by ~2.5bp come the close. Yields moved off of their lows during NY hours, with the major local equity indices recovering from worst levels of the session.
• On the data front weekly initial jobless claims fell by more than expected, while the latest Philly Fed survey missed exp.
• Focus fell on activity in the front end of the Eurodollar strip, with the spotlight surrounding Fed tapering before year end after the release of the FOMC minutes on Wednesday. Heavy selling in EDZ1 drew the most interest.
• 30-Year TIPS supply stopped through WI, with the cover ratio holding below the recent averages and dealer takedown sliding further below its own recent averages.
• There is a lack of tier 1 risk events slated for Asia-Pac hours.