Flat Reopen After Light Bull Flattening

TYH2 hovering around late NY levels, last +0-01+ at 130-14+.

• To recap, Tsys experienced some light richening on Thursday, with yields running ~2-4bp lower come the close, bull flattening, as equities dipped late in the day (S&P 500 made another fresh all-time high earlier in the session). This allowed T-Notes to make fresh session highs into the close, albeit within a narrow range on low volume.
• 10-Year yields retreated back below their 50-DMA, while 30-Year yields held above their own 50-DMA (in closing terms).
• The Biden-Putin call didn’t provide much in the way of notable headlines.
• As a reminder, cash Tsys will be closed during Asia-Pac hours owing to a holiday in Tokyo, with an early U.S. close eyed ahead of the turn of the year.
• Official PMI data out of China headlines the Asia-Pac docket on Friday, with nothing of note on Friday’s U.S. docket.