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Bear Steepening Following European Risk-On

US TSYS SUMMARY

USTs have sold off and the curve has bear steepened heading into the long weekend and followed through from the risk-on theme that materialised during the European session.

  • UST cash yields are 1-5bp higher on the day with the curve 4bp steeper. Last yields: 2-year -0.7133%, 5-year -0.6854%, 10-year -0.4290%, 30-year 0.0764%.
  • TYH1 trades at 136-17, marking the low of the day.
  • SPX has traded sideways for most of the session while still eking out gains on the day.
  • The FDA agreed that Modern can increase the dosage of the coronavirus vaccine in each bottle, which could help drive up supplies of vaccines.
  • The University of Michigan Consumer Sentiment index for February came in below expectations at 76.2 vs 80.9 survey.
  • Donald Trump's defense team has finished making arguments in the Senate impeachment trial.
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