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Bull Flattening Continues As 10Y Yields Hit Post-February Low

US TSYS SUMMARY

The bull flattening in the Tsy curve continued overnight, with equities lower/dollar higher on resurgent global COVID concerns. 10Y yields printed the lowest level since February (1.2452%) in the European morning as equity indices dropped sharply (EuroStoxx / FTSE -2%).

  • The 2-Yr yield is down 0.6bps at 0.2156%, 5-Yr is down 2.9bps at 0.7444%, 10-Yr is down 3.8bps at 1.2519%, and 30-Yr is down 4.6bps at 1.8733%.
  • Sep 10-Yr futures (TY) up 11/32 at 134-04 (L: 133-26 / H: 134-05) on elevated (~450k) volumes.
  • Today's calendar is light: we're in the pre-FOMC meeting blackout period for Fed speakers, and the only data is NAHB Housing Market Index at 1000ET.
  • Some attention on remarks by Pres Biden on the economic recovery at 1130ET. Also in D.C., Sen Maj Leader Schumer set to file cloture on the bipartisan infrastructure plan that would lead to a procedural vote on Wednesday. Still no firm deal yet though.
  • Supply consists of $105B combined in 13-/26-week bill auctions. NY Fed buys ~$1.425B in 10-22.5Y Tsys.
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