Fresh Highs For 5s / 10s Yields

Treasury yields have retraced after hitting post-Mar 2020 highs in European trade, though overall the direction of travel still appears to be upward.

• 5-Yr yields hit post-Feb 2020 high (0.9488%) and 10s post-Jan 2020 high (1.7742%) before retracing slightly. Pretty steady weakness overnight in Asia-Pac, accelerating a bit on the London open.
• No particular trigger, but overall the global reflation trade appears alive and well, with attention swiftly turning to Pres Biden's next stimulus and associated supply + macro implications.
• The 2-Yr yield is up 1.4bps at 0.1544%, 5-Yr is up 5.5bps at 0.9424%, 10-Yr is up 5.9bps at 1.7671%, and 30-Yr is up 4.2bps at 2.4472%. Jun 10-Yr futures (TY) down 15.5/32 at 130-28 (L: 130-26 / H: 131-13.5).
• Equities in the green (Nasdaq futs notably in the red), dollar higher.
• Some 2nd tier data on the slate, including house price indices at 0900ET and Conference Board consumer confidence at 1000ET.
• Two Fed speakers: VC Quarles at 0900ET, and NY's Williams at 1430ET.
• In supply, $40B 42-day Bill auction at 1130ET. NY Fed buys ~$1.225B of 7.5Y-30Y TIPS.