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Heading Lower On Light Volume, Fiscal Talks Eyed

US TSYS SUMMARY

Treasuries have turned lower in the late European morning (as S&P futures hit highest levels since Weds), though still within Friday's ranges and on light volume (TYs <160k).

  • The 2-Yr yield is up 0.8bps at 0.123%, 5-Yr is up 1.1bps at 0.3766%, 10-Yr is up 2.5bps at 0.9212%, and 30-Yr is up 3.3bps at 1.6595%. Mar 10-Yr futures (TY) down 7.5/32 at 137-27.5 (L: 137-27 / H: 138-00.5).
  • No surprise on underlying themes: another Brexit deadline extension boosted risk appetite overnight. On the U.S. fiscal front, Pelosi and Mnuchin are due to speak today on COVID relief while the bipartisan group will formalize its $908B proposal.
  • And FOMC eyed later this week - our preview should be out this afternoon ET.
  • An empty data and speaker slate.
  • In Supply, $105B of 3-/6-month bill sales at 1130ET. NY Fed buys ~$1.75B of 20-30Yr Tsys.
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