Bull Flattening Continues

Some decent bull flattening to start the week, continuing Friday's bias, as risk is on the back foot.

• The 2-Yr yield is down 0.6bps at 0.1494%, 5-Yr is down 1.9bps at 0.3573%, 10-Yr is down 3bps at 0.8128%, and 30-Yr is down 3.6bps at 1.6053%. Futures volumes decent (~270k), front TYs off highs: Dec 10-Yr up 5/32 at 138-16.5 (L: 138-11 / H: 138-19.5).
• Dollar stronger, equity futures lower. COVID concerns prevalent in Europe, not just lockdowns, but spilling into tech stocks (Germany's SAP citing demand in downgraded outlook, stock sinking most since 1999).
• Risk appetite also not helped by continued fiscal impasse in D.C.; Senate's focus will be to confirm Amy Coney Barrett to the Supreme Court this evening, then go home until after the election.
• As the days tick down to Nov 3, outcome odds little changed from Friday; Biden seen w 67% chance of victory, Dems/No Majority 45%/31% respectively (per Betfair).
• A fairly quiet calendar ahead of a busier data flow later in the week (FOMC speakers silent of course due to pre-meeting blackout). We get Chicago Fed nat'l activity index at 0730ET, Sep new home sales at 1000ET, and Oct Dallas Fed Manufacturing at 1030ET.
• In supply, 1130ET sees combined $105B of 13-/26-week bill sales. No NY Fed operational purchases.