Choppy Trade Despite Expected Lending Facility Extension

Perhaps catching some by surprise -- futures see-sawing after extension of four emergency lending facility annc that Tsy Sec Mnuchin requested back on Nov 19. Rates rebounded, sold-off and are making a go at recovering again. Heavy volumes, TYH over 485k; yield curves still steeper but off highs.

• 3M10Y +1.489, 76.413 (L: 74.087 / H: 77.56)
• 2Y10Y +1.368, 69.5 (L: 67.472 / H: 70.223)
• 2Y30Y +1.039, 142.594 (L: 140.511 / H: 143.835)
• 5Y30Y +0.522, 120.801 (L: 119.536 / H: 121.976)
• Current futures levels:
• Mar 2Y +0.25/32 at 110-13.375 (L: 110-12.75 / H: 110-13.875)
• Mar 5Y +0.25/32 at 126-0.25 (L: 125-30 / H: 126-01.5)
• Mar 10Y -1.5/32 at 138-4.5 (L: 138-01.5 / H: 138-08)
• Mar 30Y -6/32 at 174-27 (L: 174-18 / H: 175-10)
• Mar Ultra 30Y -2/32 at 215-30 (L: 215-08 / H: 216-20)