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Retreating Alongside Other Safe Havens With 2-/5-Yr Supply Eyed

US TSYS SUMMARY

Treasuries dropped sharply between ~0315-0400ET in European trading alongside other safe havens, but other than that has been a fairly quiet overnight session to start the week (flat trade in Asia-Pac amid Japan holiday).

  • Vaccine optimism remains the theme w AZN/Oxtord efficacy results out earlier (0200ET) w global equities advancing and USD retreating. Supply also eyed with 2-Yr and 5-Yr Note auctions later.
  • Dec 10-Yr futures (TY) down 4.5/32 at 138-11.5 (L: 138-09 / H: 138-17.5)
  • The 2-Yr yield is up 0.4bps at 0.1614%, 5-Yr is up 1.3bps at 0.3844%, 10-Yr is up 2.3bps at 0.8472%, and 30-Yr is up 2.8bps at 1.5472%.
  • Chicago Fed Oct nat'l activity index at 0830ET; prelim Nov PMIs at 0945ET.
  • A few Fed speakers today; again COVID/econ outlook and Tsy lending facility expiration likely in focus: Richmond's Barkin at 1230ET, SF's Daly at 1300ET, Chicago's Evans at 1500ET.
  • Busy supply schedule in a holiday-shortened week. We get $56B 2-Yr Note sale at 1130ET, alongside $51B of 26-wk bills, and $57B 5-Yr Note auction at 1300ET, alongside $54B in 13-wk bills. NY Fed buys ~$1.750B of 20-30-Yr Tsys.
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