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Cash Stronger Amid Subdued Re-Opening Tone

US TSYS SUMMARY

Cash Treasuries are stronger on the return from the Thanksgiving holiday with some bull flattening as the long end heads higher, but futures - which traded Thursday - are fairly steady.

  • Not much on the headline drivers front, and Tsys have gained despite a bounce in equities from overnight lows. A fairly cautious tone overall (largely COVID and Brexit-watching) but on predictably subdued trading tone.
  • The 2-Yr yield is down 0.6bps at 0.1524%, 5-Yr is down 1.6bps at 0.3782%, 10-Yr is down 2.5bps at 0.8569%, and 30-Yr is down 3.5bps at 1.5888%.
  • Dec 10-Yr futures (TY) up 4.5/32 at 138-13 (L: 138-07.5 / H: 138-17.5). Note, TY Mar21 contract volume has eclipsed Dec20 as the roll is all but over (1st notice on Monday).
  • Reminder that there's an early Black Friday close for bond/equity trading, most markets closed at 1300ET.
  • No key data, speakers, or supply on the agenda.
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