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Overnight Flattening Reverses

US TSYS SUMMARY

Treasuries weakened in European trading following a modest uptick in Asia-Pac hours, alongside equities steadily gaining ground and the dollar weakening. Michigan sentiment data and Fed speakers feature on Friday's schedule.

  • Overall, largely net unchanged on the day: Dec 10-Yr futures (TY) steady at 138-5 (L: 138-02.5 / H: 138-10.5), with volumes slightly on the stronger side (>330k).
  • Early flattening has reversed, with the short end now outperforming. The 2-Yr yield is down 0.4bps at 0.173%, 5-Yr is up 0.5bps at 0.3966%, 10-Yr is up 0.5bps at 0.8865%, and 30-Yr is up 0.4bps at 1.6422%.
  • Not really any themes dominating; Thursday's rotation into pandemic (out of post-vaccine) plays doesn't seem to be occurring again today, note Nasdaq and S&P futs performing roughly equally (+0.7% apiece).
  • The calendar opens at 0700ET with NY Fed's Williams in a webinar; we get St Louis' Bullard at 0830ET.
  • In data, Oct PPI at 0830ET, with Nov Michigan sentiment at 1000ET.
  • NY Fed buys ~$8.825B of 2.25-4.5Y Tsys.
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