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FI Off Lows, Germany Debt Scheme Denied

US TSYS

Tsys and stock indexes rebounded off session lows after headline hit that Germany denies backing "joint EU debt for loans to ease energy crisis" Rtrs -- FI and stocks sold off early on headline German WOULD back the debt scheme.

  • Otherwise, quiet session on VERY light volumes (TYZ2<445k; USZ2<85k) due to Columbus Day US bank holiday - full session for Globex, however, while holiday's in Japan, Korea, and Canada contributing to thin markets.
  • No data on the day (focus on Sep FOMC minutes Wednesday and CPI Thursday) while Chicago Fed Evans and Fed VC Brainard both made comments on policy at Chicago Fed NABE bank conf on the day. Little react to Evans, but Brainard came off slightly dovish: "the combined effect of concurrent global tightening is larger than the sum of its parts" while the "Federal Reserve takes into account the spillovers of higher interest rates, a stronger dollar, and weaker demand from foreign economies into the United States".
  • The 2-Yr yield is unchanged at 4.3078%, 5-Yr is unchanged at 4.1423%, 10-Yr is unchanged at 3.8814%, and 30-Yr is unchanged at 3.8417%.
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