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[CORRECTION] 2Y Yield Above Pre-Omicron YTD High

US TSYS
[Correction to the bond yield daily changes, with Tsys bear flattening and not steepening as previously referenced]
  • Cash Tsys have bear flattened this morning as equities and oil rise.
  • 2Y yields are +2.2bps at 0.653%, 5Y +1.0bps at 1.216%, 10Y +0.2bps at 1.436% and 30Y -0.4bps at 1.766%.
  • The 2Y has pulled back slightly off session highs but is now through the previous ytd high just before Thanksgiving, prior to the emergence of the Omicron variant.
  • TYH2 futures sold off in early trading but are little changed on the day, down one tick at 130-20. It’s at the low end of the past few days range, with initial support seen at the 20-day EMA of 130-07+.
  • The main data today are finalized Q3 unit labor costs and the October trade balance at 0830ET. The Fed is in media blackout ahead of the Dec 15 meeting.
  • NY Fed buy-op: Tsy 22.5Y-30Y, appr $1.600B (1030ET).
  • On the issuance front, we see a return to notes with $54B of 3Y today (1300ET). 10Y follows tomorrow and 30Y on Thursday.
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