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Haven Rally Slows

US TSYS
  • European lockdown fears spilled over into Tsys today before the haven-seeking rally paused as Germany indicated no "general" lockdown and then partially reversed on hawkish comments from the Fed's Waller.
  • Fed's Waller noted that a faster taper may be necessary and that the labour market is rapidly approaching maximum employment. Clarida's ongoing remarks have been a non-event so far.
  • Tsy yields are still down 3-6bps on the day, with a bull flattening post Waller. The 2s/10s spread has dipped 2bps to 106.5bps, back to the start of the week.
  • BBB passed in the House, now onto the Senate.
  • Fed minutes on Wed amidst heavy data week ahead including the Nov PMI, PCE/incomes for Oct and the second Q3 GDP print before Thanksgiving on Thursday,
  • Next week's Tsy auction schedule is front-end focused ahead of Thanksgiving, with 2s, 5s and 7s on offer.
  • Markets see full day Wed, closed Thu and early close Fri.
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