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Fading Previous Bull Flattening

US TSYS

Cash Treasury yields are a little higher to start the week, with some modest steepening in the curve as the short-end remains anchored.

  • Early moves fading Friday's bull flattening: 2-Yr yield is unchanged at 0.4537%, 5-Yr is up 0.8bps at 1.2041%, 10-Yr is up 2bps at 1.6519%, and 30-Yr is up 2.6bps at 2.094%.
  • Dec 10-Yr futures (TY) up 0.5/32 at 130-11.5 (L: 130-08.5 / H: 130-16.5).
  • With little on the macro /events calendar (pre-FOMC blackout period also means no Fed speakers), most attention is the White House / Congressional Democrats attempting to get through spending bills this week. House and Senate in session, negotiations ongoing.
  • A quiet day in terms of data, just Chicago Fed Nat'l Activity index (0830ET) and Dallas Fed manufacturing (1030ET).
  • In supply, $102B combined in 13- and -26- week bills auction at 1130ET.
  • NY Fed buys ~$2.025B of 22.5Y-30Y Tsys.
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