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Early Flattening Reverses As 10-Yr Supply, Fed Speakers Await

US TSYS SUMMARY

Tsys have moved off overnight highs in European trading, though nothing like Monday's sharp vaccine news-led drop. Plenty of Fed speakers today, and 10-Yr supply in focus later in the session.

  • Curve has reversed some early flattening: the 2-Yr yield is up 0.6bps at 0.1767%, 5-Yr is up 1.1bps at 0.4394%, 10-Yr is up 1.7bps at 0.9407%, and 30-Yr is up 1.6bps at 1.7245%.
  • Dec 10-Yr futures (TY) up 1.5/32 at 137-20 (L: 137-17 / H: 137-29.5) heavy volumes so far (TYZ0 ~560k traded).
  • S&P eminis are trading sideways, but the move out of tech continues, with Nasdaq futs sharply down (-1.5%).
  • A lengthy FOMC speaker lineup: Dallas' Kaplan (3x, at 0830ET, 1000ET, and 1200ET), Boston's Rosengren (2x, at 1000ET and 1600ET), Atlanta's Bostic (1230ET), VC Quarles (1400ET before Senate banking panel), and Gov Brainard (1700ET).
  • NFIB small biz optimism for Oct was in line w expectations (104.0 vs 104.1 surv). JOLTS the only other release of any note today (1000ET).
  • The lone auction today is $41B in 10-Yr Notes at 1300ET. NY Fed buys ~$2.42B of 1-7.5Y TIPS.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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