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Rates AND Equities Higher, Stim Heads Inconclusive

US TSYS SUMMARY

Rates held higher levels all session, trading near midday highs through the close even as equities powered higher (DJIA over 30,030.0).

  • Rates dipped briefly after weekly claims slipped -75K to 712K and continuing claims fell -0.569M to 5.520M. ISM Services PMI dropped 0.7pt to 55.9, coming in weaker than 56.1 exp.
  • Aside from data, mkts remained focused on COVID relief. Bbg headlines inconclusive: "MCCONNELL SAYS STIMULUS COMPROMISE IS WITHIN REACH," however: "SCHUMER SAYS MCCONNELL DOES NOT SEEM INCLINED TO COMPROMISE." Later in the session: House Speaker Pelosi on CNN saying will have a stim deal agreement before House leaves for Dec 11 recess.
  • Cross-FX intertest, Pound Sterling receded after late headlines cast doubt over EU/UK talks: "U.K. OFFICIAL SAYS CHANCES OF BREXIT BREAKTHROUGH RECEDING".
  • More moderate session volumes, two-way flow with better buying on moderate volumes (TYH just over 1.04M) as accts square up ahead Fri's headline November employ data (+478k est vs. +638k in Oct), yld curves modestly flatter after trading steeper in first half.
  • The 2-Yr yield is down 0.6bps at 0.1525%, 5-Yr is down 1.4bps at 0.4003%, 10-Yr is down 1.8bps at 0.9178%, and 30-Yr is down 2.1bps at 1.6642%.
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