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Risk Appetite Gains Momentum


Tsy well bid across the board holding narrow range since midmorning after 30YY fell to 4.2216% lows, FI mkts continues to reassess rate hike expectations for year end after SF Fed Daly voiced concern over tightening monetary policy too much last Friday.

  • Yields curves bull flattening (2s10s -12.933 at -39.575) despite the strong support in short end as hike expectations for Dec move closer to 50bp than last week's 75bp pricing.
  • Risk appetite gains momentum as stocks trade higher for third consecutive session: SPX emini +59.0 at 3868.25 (Sep 21 levels) not far from 3923.88: 50.0% retracement of the Aug 16 - Oct 13 downleg
  • Softer than expected data contributing to today's moves while Tsy held gains, little react after $42B 2Y note auction (91282CFQ9) tailed: 4.460% high yield vs. 4.447% WI; 2.59x bid-to-cover vs. 2.51x prior.
  • The 2-Yr yield is down 3.2bps at 4.4728%, 5-Yr is down 11.2bps at 4.2503%, 10-Yr is down 15.7bps at 4.0854%, and 30-Yr is down 14.6bps at 4.2324%.

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