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Retracement In Short-End Continues

US TSYS
  • Shorter-dated Tsys have almost fully unwound today's earlier rally after relatively more hawkish commentary from both Waller and then Clarida on the potential for the Fed accelerating taper.
  • The longer-end of the curve has held onto a sizeable rally though, with 10Y yields down -5bps at 1.536% and the 30Y down -6.1bps at 1.907%, driven by European lockdown fears and at weekly lows.
  • The combination has seen a 5bp bull flattening in 2s/10s on the day to 103.7bps, the lowest this week and getting towards the low end of the monthly range.
  • Earlier, BBB passed in the House now moves to the Senate.
  • Ahead: Fed minutes on Wed amidst heavy data week including the Nov PMI,PCE/incomes for Oct and the second Q3 GDP print before Thanksgiving on Thursday,
  • Next week's Tsy auction schedule is front-end focused ahead of Thanksgiving, with 2s, 5s and 7s on offer.
  • Markets see full day Wed, closed Thu and early close Fri.



-0- Nov/19/2021 17:44 GMT

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