Now A Touch Firmer

Some richening creeping into the space since the previous bullet, with nothing in the way of major headline flow observed. Equities are on the defensive again, with Japanese stocks trading particularly heavy to start the week (the Nikkei 225 has broken below its 21- & 50-DMA's and is nearing 28,000). 10-Year Tsy yields print at the lowest levels witnessed since early March, with 30-Year yields having a peak below 2.00%, in what is their first look under that psychological level since early March. Twist flattening has kicked in, with 2s and 3s trading ~0.5bp cheaper, while the remainder of the curve prints around 1.0 to 1.5bp richer vs. closing levels.