The space has edged further away from session peaks after the early bid faded and risk assets regained some poise. That leaves TYM2 +0-01+ at 119-10, 0-10 off the peak of its 0-15+ range, on volume of ~120K, with S&P 500 e-minis ~0.6% above settlement. A quick look at cash Tsy trade reveals a twist flattening bias, with 2s providing the weakest point on the curve, sitting ~1.5bp cheaper on the day at typing, while 7s provide the firmest point, richening by ~1.5bp. There hasn’t been much in the way of meaningful headline flow to digest since the flurry of COVID headlines that crossed earlier, leaving market flows at the fore.
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