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Bond-Lead Rally, Stocks Strong Too

US TSYS

Tsys see-sawed higher Thursday, partially driven by same factors pushing equities back to early Tuesday levels: improved market sentiment over COVID curbs on China travel as testing has not revealed new variants while "European health officials called screenings and restrictions on travelers from China unjustified" Bbg.

  • Knee-jerk post-data (weekly claims in-line at 225k, continuing claims higher than est at 1.710M) 30Y Bond sale quickly reversed, 30YY falling back to 3.9479% from 3.9773% post-data high.
  • Futures see-sawed higher as risk sentiment for stocks improved. Note, yield curves reversed Wed's steepening, 2s10s currently -6.416 at -53.885.
  • Tsys pare gains briefly after $35B 7Y note auction (91282CGB1) tailed: 3.921% high yield vs. 3.907% WI; 2.45x bid-to-cover vs. 2.33x last month. Indirect take-up climbs to 68.08% vs. 61.89% prior; Direct take-up: 16.17% vs. 16.57% prior; Primary dealer take-up falls to 15.75% vs. 21.35% prior auction.
  • Friday -- quiet end to the last trading day of 2022 w/ MNI Chicago PMI (40.0 est) release at 0945ET. FI/FX trading floor closes at 1300ET, but GLOBEX closes at 1700ET. LINK

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