Intraday Reversal From Post-Pfizer Highs

Treasuries have reversed after setting post-Nov 9 (Pfizer COVID vaccine announcement) highs, and are now on session lows - mirroring S&P futures which have bounced sharply.

• Curve a bit flatter (though off session's flattest levels): 2-Yr yield is up 0.4bps at 0.1732%, 5-Yr is up 0.6bps at 0.3856%, 10-Yr is up 0.5bps at 0.8619%, and 30-Yr is down 0.3bps at 1.6033%.
• Dec 10-Yr futures (TY) steady at at 138-09.5 (L: 138-09.5 / H: 138-16.5) on ~300k volume.
• Dollar's bounced a little but looks to be testing those Nov 9 lows.
• Fed speakers today include Chicago's Evans (0955ET), NY's Williams (1215ET), StL's Bullard (1320ET), Dallas' Kaplan (1800ET) and Atlanta's Bostic (1900ET).
• Tuesday's failed procedural vote leaves Judy Shelton's appointment to the Fed in the balance. No word on Republican leadership bringing another vote but the arithmetic and politics suggest that it will have to be this week (ahead of the Thanksgiving recess) if she is to have a chance.
• In data, 0830ET sees October housing starts/permits.
• In supply, we get $55B in 105-/154-day bills at 1130ET, with highlight being $27B in 20-Yr Bonds at 1300ET. NY Fed buys ~1.225B of TIPS (7.5-30Y).