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Steady After Powell Pressure


TYH2 Blocked


Firmer Since Settlement


Commodity-Tied Dollar Bloc Leads


Cheaper On Wider Impetus

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Rather muted open to the week after the Fed entered policy blackout late Friday (through Nov 3, day after FOMC annc). No data, inside range trade. Mkts do have Bank of Canada (Wed) and ECB policy (Thu) announcements to look forward to.
  • Tsys hold modest gains across the board after the close -- near session highs since the initial move off session lows on the open. EGBs reacted similarly with no substantive headline or event to trigger. Yield curves held steeper profiles all session (5s30s +4.17 at 91.27 late).
  • Equities did continue to make new all-time highs (ESZ1 4564.0H) as latest earnings cycle expected to pick up this week. Meanwhile, WTI crude above $85/bbl (first time since late 2014) "after Saudi Arabia urged caution in boosting supply" Bbg.
  • Large Eurodollar futures Block/cross: +10,000 White packs (EDZ1-EDU2) at +0.025 early in the second half, while Reds (EDZ2-EDU3) outperformed +0.045 after the bell. Option flow more paired with pick-up in low delta calls and call spds in the first half.
  • The 2-Yr yield is down 2bps at 0.4332%, 5-Yr is down 2.3bps at 1.1727%, 10-Yr is up 0bps at 1.6325%, and 30-Yr is up 1.6bps at 2.0847%.