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- Otherwise the Tsy week opener was rather muted on light volume (TYZ1 <875k) w/ some desks still lightly staffed after Thanksgiving holiday. Tsys extended lows (30YY 1.9087%H) back to around the middle of Fri's range -- rebounded after mixed data: Pending Home Sales +7.5% vs. 1.0% exp; Dallas Fed Mfg 11.8 vs. 15.0 exp.
- Sources report domestic Real$ acct buying in 10s pick up after central bank buying in 5s and 10s earlier, not to mention over 21,000 Block buys in FVF from 121-02 to 121-07.
- Buying waned: Yield curves held steeper as support for 5s-10s evaporated, equities making new session highs (ESZ1 +74.0 to 4469.75) after Pres Biden ruled out lockdowns this winter to combat spd of Omicron-Covid variant.
- Fed Chairman Powell spoke briefly today/gives testimony on CARES Act with Tsy Sec Yellen on Tue-Wed, unlikely much will be conveyed to upset markets prior to Fed media/policy blackout that starts Midnight Friday, final 2021 FOMC annc on Dec 14-15.
- The 2-Yr yield is up 1.8bps at 0.5157%, 5-Yr is up 2.7bps at 1.1871%, 10-Yr is up 5.5bps at 1.5277%, and 30-Yr is up 5.5bps at 1.8764%.