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Risk-Appetite Cools

US TSYS SUMMARY
Risk appetite cooled Tuesday, 30Y bonds staging an early rally with stocks broadly weaker: SPUs followed weaker global stocks: Estoxx as the index fell blow Friday's lows, Japan's NIKKEI settled down a whopping 584.99 pts or -1.97% at 29100.38.
  • While some sources cited ongoing pandemic related concerns (Japan looking to call a state of emergency earlier, growing concerns in India w/PM Modi addressing the nation) and growing US/Russia tensions over troop build-up near Ukraine border -- others simply cited various technicals: sellers emerge every time SPUs climb 16% over 200DMA; or following a pattern of better selling in the second half of the month, every month since the beginning of the year.
  • Whatever the reason, US markets had another day of no economic data to trade off of -- and more of the same Wednesday. Data resumes Thursday w/weekly claims. Otherwise, focus is on Bank of Canada policy announcement Wednesday (includes Monetary Policy Report) and ECB decision Thursday.
  • Another decent round of corporate issuance, near $17B generated hedging flow; FI markets a little gun-shy ahead Wednesday's $24B 20Y Bill auction re-open that has managed to push markets around last two auctions as performance varied.
  • The 2-Yr yield is down 0.6bps at 0.1512%, 5-Yr is down 3.4bps at 0.7952%, 10-Yr is down 4.4bps at 1.5607%, and 30-Yr is down 3.9bps at 2.2573%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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