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Nor'easter Dampens Volumes

US TSYS SUMMARY
Inside range session for rates Monday, Tsys firmer but off midday highs after the bell, volumes dampened by blizzard conditions closing large swaths of the Eastern seaboard Monday.
  • Equities gained (S&Ps +1.78%) as did West Texas crude (WTI +1.47) and Gold (+13.77) amid multiple Fed speakers -- Boston Fed President Eric Rosengren said Monday the U.S. economy is still "in the depth of it" when it comes to the Covid-19 slump: "I hope over the course of the spring we're really talking about a significant recovery but I think it does depend on some of the public health outcomes," he said.
  • Moderate two-way flow included deal-tied hedging from near $25B high-grade corporate issuance, $14B Apple 6-tranche jumbo lead followed by $5.5B Altria 4-part jumbo.
  • Modest two-way option volumes with pick-up in upside call buying
  • The 2-Yr yield is unchanged at 0.1093%, 5-Yr is unchanged at 0.4193%, 10-Yr is up 0.5bps at 1.0706%, and 30-Yr is up 1.3bps at 1.8425%.
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