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Flattening Continues For A 4th Day

US TSYS SUMMARY

Looming European lockdowns (France and Germany weighing new measures to combat a COVID spike) cast a pall on risk sentiment in overnight trade, with equities sinking and extending the Treasury rally/bull flattening to a fourth day.

  • Dec 10-Yr futures (TY) up 6.5/32 at 139-01.5 (L: 138-27 / H: 139-02) on solid volume (300+k). The 2-Yr yield is down 0.3bps at 0.1427%, 5-Yr is down 1.6bps at 0.3141%, 10-Yr is down 1.7bps at 0.7509%, and 30-Yr is down 1.6bps at 1.5369%.
  • Also weighing on sentiment in Asia trade was the announcement of a DOJ/FBI briefing on a "China related national security matter" today at 1100ET.
  • On the campaign trail, Trump is in Nevada and Arizona, while Biden delivers a speech on COVID from Delaware.
  • A double auction offering today at 1300ET: $26B of 2-Yr FRN and $55B of 5-Yr Notes. In the undercard, $55B in 105-/154-day bills at 1130ET.
  • In data, Sep Advance Trade Balance and Wholesale Inventories at 0830ET.
  • NY Fed's next forward schedule of operational purchases to be released around 1500ET.
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