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Extending Sell-Off W/ German Bunds

US TSY FLOWS

Yield curves bear steepening, 5s30s climbed over 70.0 again (70.562 high) with Bonds leading sell-off, following German Bund lead. No apparent headline or Block driver, overall volumes remain light ahead the Christmas holiday. No react to this morning's data (Philly Fed, Current Acct, Redbook), continued focus on Covid curb-related headlines.
Trading desks do report foreign real$ buying 2s vs. leveraged acct selling, prop and fast$ selling intermediates vs. real$ buying 10s, leveraged acct selling 30s. Some pre-auction short sets ahead today's $20B 20Y Bond re-open sale (912810TC2). Current yield curves:

  • 3M10Y +2.75, 139.675 (L: 133.457 / H: 139.846)
  • 2Y10Y +2.319, 80.991 (L: 78.044 / H: 81.568)
  • 2Y30Y +2.961, 124.694 (L: 120.154 / H: 125.447)
  • 5Y30Y +1.716, 69.984 (L: 66.9 / H: 70.656)
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