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Not Easy Being a (Stock) Bear

US TSYS SUMMARY
Rates opened and held weaker levels throughout the session, inside range day with small variations in the first half: Tsy and equities bounced after Appaloosa's David Tepper said it's "difficult to be bearish on stocks" during a CNBC interview. S&Ps reversed gains after Tsy close to mildly weaker, NDX extended losses (-260.0) while Dow Indu's held strong gains +428.0).
  • No react to second tier data: Jan Wholesale inventories 1.3%; Sales 4.9%. Federal Reserve in media blackout through the March 17 FOMC annc. That said, Fed annc:
  • EXTENDS PAYCHECK PROTECTION PROGRAM FACILITY THRU JUNE; CLOSURE OF THREE 13(3) FACILITIES AS SCHEDULED MARCH 31; CLOSE COMM PAPER, MONEY MARKET, PRIMARY DEALER FACILITIES.
  • Yield curves hold mixed levels, spds vs. long end flatter: 5s30s near session lows late: 145.483, -4.344. 30YY near steady (2.3059% +.0085) despite the drop in Bond futures, 10s30s curve underperforming for couple reasons, sources citing a rise in inflation premium and SLR exemption is set to expire March 31 with no signs yet of extension.
  • Large Eurodollar spread volumes: +65,000 Red Mar/Red Jun spds, 0.040-0.050. Modest long put unwinds while core positions remain long rate hike insurance covering latter half 2022 to 2023. Several put spd over call spd skew plays in 1Y midcurves bought on day.
  • The 2-Yr yield is up 2.4bps at 0.1607%, 5-Yr is up 5bps at 0.8487%, 10-Yr is up 2.6bps at 1.5924%, and 30-Yr is up 0.5bps at 2.3028%.
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