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Recovery From Session Lows, Awaiting Fiscal News


With no data or speakers and few macro events of note, Monday's session had a placeholder feel to it, with the Fed decision Wednesday lying in wait.

  • Equities rose after the opening bell and fell continually afterwards, and parallel to this, Treasuries recovered from session lows, and curves came off steepest levels.
  • The 2-Yr yield is unchanged at 0.115%, 5-Yr is down 0.6bps at 0.3591%, 10-Yr is down 0.3bps at 0.8931%, and 30-Yr is up 0.6bps at 1.6329%. Mar 10-Yr futures (TY) down 1.5/32 at 138-01.5 (L: 137-23 / H: 138-04).
  • Volumes barely set to crack the 1mn for TYs though.
  • We continue to await progress on the fiscal front. Though Bloomberg cited congressional aides as saying an omnibus spending bill is close to being agreed, this did not move the market at all, with most/all continuing to await further details on COVID stimulus negotiations.
  • MNI's just published our December FOMC preview - let us know if you haven't received it.
  • A little more data coming Tuesday, with industrial production the highlight.

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