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USD Remains Stronger Post-Yield Tumult


Bears Still in Control


Tops 0.80 as Reflationary Theme Rolls On

*** Long end has recovered from........>

US TSY FLOWS: *** Long end has recovered from early sell pressure, 30Y bond
chopping around steady, while 10s that have traded with bid since early London
hours bumping around session highs. Several nascent factors at play amid light
holiday volume:
- US$ weakness continues to provide sporadic buy trigger fro FX accts.
- Equities that were trading strong into the open have pared gains, sources
citing Pres Trump's Tweet this morning about poor US Postal Service performance
vs. Amazon, that they "should be charging MUCH MORE!" (AMZN, -5.87, 1180.22).
Shares of Apple are lower as well, (AAPL -1.32, 169.76). Sources also note
Goldman Sachs shares lower by 2.55 to 253.95 "after forecasting $5 billion hit
to quarterly and FY earnings due to new tax law," sources say.
- Tsy curves off earlier steeper levels. Latest curve update:
* 2s10s +0.719, 52.664 (54.069H/51.764L)
* 2s30s +1.296, 85.797 (87.793H/84.270L)
* 5s30s +1.501, 53.255 (54.486H/51.921L)
MNI Chicago Bureau | +1 312-431-0089 |