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Curve Bull Flattening With COVID Fears Back In Focus

US TSYS SUMMARY

The bear steepening seen this week in the wake of Monday's Pfizer vaccine optimism has shown some signs of fading Thursday, with bull flattening as cash Tsy markets return from holiday.

  • Rising COVID case / hospitalization / death numbers, and Wednesday's announcement of new restrictions in New York (the initial epicentre of the US crisis), have put pandemic risks back into focus - consistent with NASDAQ (ie tech stocks which have previously benefited from pandemic conditions) strength today as Energy and Financials weaken.
  • The 2-Yr yield is up 0bps at 0.1808%, 5-Yr is down 2.1bps at 0.4331%, 10-Yr is down 3.5bps at 0.9406%, and 30-Yr is down 3.7bps at 1.7048%.
  • Dec 10-Yr futures (TY) up 4/32 at 137-23.5 (L: 137-19.5 / H: 137-27.5)
  • 0830ET sees weekly jobless claims and October inflation data.
  • Fed Chair Powell appears alongside his ECB and BoE counterparts at 1145ET, while Chicago's Evans speaks at 1300ET.
  • In supply, we get $65B of 4-/8-week bills at 1000ET, $55B of 105-/154-day bills at 1130ET, though the focus is on $27B 30-Yr Bond auction at 1300ET. NY Fed buys ~$3.625B of 7-20Y Tsys.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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