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Risk Appetite Improves Ahead Holidays

US TSYS
Risk appetite improved early Tuesday amid cooling concerns over Covid curbs in London: UK PM Johnson stating no new restrictions before Christmas. Meanwhile, World Health Organization message a little darker: Meanwhile WHO message: "Omicron is gaining ground: PROTECT, PREVENT, PREPARE".
  • Risk-on tone carried over to US markets with Tsys yields climbing (30YY tapped 1.9246% high) and stocks climbing: ESH2 climbed to 4638.75 high in late trade, DJIA up over 500.0, and West Texas Crude held near 71.50 high (+2.89).
  • US Pres Biden address re: Covid response not market moving as he reiterated importance of being vaccinated and receiving booster; +10,000 new vaccine sites to 90k, more pop-up sites coming in January 2022.
  • Rates bounced off lows (yield curves reversed steeper levels) amid moderate hedge unwind volumes after the 20Y Bond performed better than expected (1.942% high yield vs. 1.964% WI). Indirect take-up climbed to yr high of 64.83% (matching October's) vs. Nov's 60.18%; direct bidder take-up also yr high of 20.83% while primary dealer take-up receded to yr low of 14.34% vs. 19.36% 5-month avg.
  • The 2-Yr yield is up 3.7bps at 0.6685%, 5-Yr is up 5.7bps at 1.2238%, 10-Yr is up 5.1bps at 1.4737%, and 30-Yr is up 2.9bps at 1.8805%.
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