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Mnth/Qtr-End Buying Tsys, Equities Weak; Funding Bill Passes Senate

US TSYS
No month/quarter-end fireworks after Thursday's closing bell, Tsy futures mildly higher/near middle session range, equities attempting to pare losses with another hour to go in the session (ESZ1 -15.0). Yield curves managed to steepen, 5s30s +2.8 at 109.5 after the bell.
  • Not much of a react to weekly claims +11K to 362k. Still expansive: MNI Chicago Business Barometer fell 2.1 points in September to 64.7, the lowest reading February after declining to 66.8 in August. Not much of a react to Fed speakers including Fed Chair Powell and Tsy Sec Yellen as they testified to House panel.
  • Though it didn't roil markets, focus on stopgap bill to fund US Govt through Dec 3 had passed in the Senate and was off to the House for another vote.
  • Sources reported prop and fast$ buying in intermediates, short term plays to get ahead of month end buying from real$. Though duration estimates were not exceptionally large (US Tsy +0.7Y), TYZ1 saw decent buying from 131-19 to -22.5 after the bell.
  • Swap spds widened in shorts to intermediates on decent rate paying in 2s-7s around midmorning. Limited deal-tied hedging while Sep looked to finish month w/just over $215B high-grade corporate debt issued, third largest for the year.
  • The 2-Yr yield is down 0.2bps at 0.2873%, 5-Yr is down 0.3bps at 0.9874%, 10-Yr is up 0.4bps at 1.5202%, and 30-Yr is up 2.4bps at 2.0846%.
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