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US TSYS SUMMARY

Treasuries have gained ground to start the week, alongside a sea of green in equities and a slightly stronger USD.

  • Modest bull flattening: The 2-Yr yield is down 0.2bps at 0.1508%, 5-Yr is down 1.3bps at 0.3483%, 10-Yr is down 1.2bps at 0.8067%, and 30-Yr is down 1.6bps at 1.5837%.
  • Dec 10-Yr futures (TY) up 4.5/32 at 138-22 (L: 138-14.5 / H: 138-24.5), volumes returning to more normal levels (TYZ0 ~ 275k at 0630ET) after a heavy week.
  • S&P futs +1.5%; DXY dollar Index +0.2%.
  • First day of trading since networks declared Biden the winner and he delivered "acceptance" speech Saturday, with split gov't among other factors seen continuing to boosting post-election risk appetite (Georgia Senate run-offs in January notwithstanding).
  • Trump has not conceded, with some focus on his promise to launch court challenges today.
  • The data slate today is bare, but we do get some Fed speakers: Cleveland's Mester at 1330ET, and Dallas's Kaplan at 1700ET.
  • A busy auction schedule: $105B in 13-/26-week bills at 1000ET, $60B in 42-/119-day bills at 1130ET, and $54B 3-Yr Note at 1300ET. NY Fed meanwhile buys ~$1.750B of 20-30-Yr Tsys.
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