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Carry-Over Weakness for Bonds

US TSYS
Carry-over weakness in Bonds continued Wednesday, yield curves bear steepening off Monday's early 2020 lows (5s30s +5.3 Wed to 57.4 after the bell). Bund and Gilt rates traded similarly with short end outperforming as rate hike speculation ebbed.
  • Inside range day on little substantive data and little to no reaction from Fed speakers. Fed Gov Quarles stating the Fed has not "met more stringent test for rate liftoff" about 24 hours after Fed Gov Waller posited more than just tapering MAY be needed in 2022.
  • Weekly claims (+297k est) and existing home sales (6.09M est) on tap Thursday while Fed Gov Waller speaks again on US economy.
  • Tsys that had surged back to early session highs ahead the 20Y auction, sold off after the $24B 20Y Bond auction re-open (912810TA6) tailed: drawing a high yield of 2.100% (1.795% last month) vs. 2.070% WI. Bid-to-cover 2.25 vs. 2.36 in September.
  • Beige Book: "MOST DISTRICTS REPORTED `SIGNIFICANTLY ELEVATED' PRICES", while "LABOR SHORTAGE WEIGHED ON GROWTH, WORKER TURNOVER HIGH".
  • After the bell, 2-Yr yield is down 2.2bps at 0.3732%, 5-Yr is down 1.6bps at 1.1456%, 10-Yr is down 0.3bps at 1.6338%, and 30-Yr is up 2.4bps at 2.1091%.
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