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HITTING THE DAY'S HIGHS

US TSYS SUMMARY

USTs have rallied back towards the highs of the day.

  • TYZ0 trades at 139-15+, just shy of the 139-16 session high.
  • Cash yields are 1-4bp lower on the day and the curve has bull flattened. Last yields: 2-year 0.1389%, 5-year 0.2627%, 10-year 0.6755%, 30-year 1.4219%.
  • Initial jobless claims came in higher than expected (884k vs 850k survey), with continuing claims similarly surprising higher (13385k vs 12904k survey)
  • The Republican's coronavirus aid bill was blocked by the Democrats in the Senate. There were 52 votes in favour and 47 against, with 60 needed for the bill to advance. The Democrats had been pushing for a bigger stimulus in the order of USD3trn.
  • Democratic Speaker Nancy Pelosi earlier waded into the fallout over the UK's proposed internal markets bill, warning that there was no chance of a US-UK trade deal if the Good Friday Agreement was undermined.
  • Today's ECB meeting was by-and-large a non event with no discernible spillover to USTs.
  • Looking ahead, tomorrow sees the release of CPI (Urban consumers) and average hourly earnings data for August.
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