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Carry-Over Risk Appetite, Covid Headline Generally Upbeat

US TSYS
Yields finished mildly lower Wednesday, near the upper half of a narrow range, yield curves flatter with 5s30s just over 63.0 after breaching 70.0 on Tuesday.
  • Very light volumes on the last full session of the week (TYH2 <660k after the bell), early exit Thu, Fri closed for Christmas eve. (Next week, market closes early for New Years Eve Fri).
  • Appetite for risk carried over from prior session with stock near highs in late trade (ESH2 +33.5 at 4674.0, 4678.5 high), West Texas crude gained 1.68 to 72.80 after an unexpected inventory drawdown.
  • Limited react to data to positive data: US GDP Revised Up In Q3 (2.3% Q/Q SAAR), slightly lower savings; stronger than exp Consumer Conf unphased by Omicron variant (115.8; EST. 111.0). On tap Thu: wkly claims, PCE Durables, U-Mich and existing home sales. NY Fed buy-ops on hold, resume Jan 3.
  • Wed focus more on upbeat Covid headlines: OMICRON HOSPITAL RISK TWO-THIRDS BELOW DELTA: SCOTTISH STUDY; PFIZER PILL CLEARED BY U.S. BECOMING FIRST AT-HOME COVID DRUG, Bbg. Meanwhile, US Pres Biden tested negative for virus after coming in close contact w/carrier earlier in wk.
  • US Tsy $17B 5Y TIPS auction tailed 2bp w/-1.508% high yield.
  • The 2-Yr yield is up 0bps at 0.6667%, 5-Yr is up 0.5bps at 1.2205%, 10-Yr is down 0.5bps at 1.4566%, and 30-Yr is down 0.9bps at 1.8538%.
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