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Risk-On Carries On

US TSYS
Second consecutive session for risk-on trade, Tsys near lows after the bell (30YY tapped 1.8078% high), equities pushing higher late (ESZ1 +85.0 to 4675.00 -- around Nov 25 levels).
  • Not a heavy economic data day (US OCT TRADE GAP -$67.1B VS SEP -$81.4B; Q3 UNIT LABOR COSTS +9.6%; Y/Y +6.3%; US REDBOOK: DEC STORE SALES +15.3% V YR AGO MO), markets more reacting to headlines re: Omicron variant less severe than feared -- though it spds more readily. Light data ahead for Wed: JOLTS Job Openings, Tsy 10Y note auction re-open.
  • Late US fiscal headlines positive: MCCONNELL SAYS DEAL REACHED WITH SCHUMER ON RAISING DEBT LIMIT.
  • Treasury futures held near lows after $54B 3Y note auction (91282CDN8) stopped through: 1.000% high yield vs. 1.002% WI; 2.43x bid-to-cover in-line with 5-auction average and better than Nov's 2.33x.
  • Indirect take-up dipped to 52.17% vs. last month's year high of 57.62%, while direct bidder take-up holds near 1+ year high at 18.01% (18.04% Nov). Primary dealer take-up bounces to 29.81% vs. 24.34% in Nov, over the 5M average of 28.06%.
  • The 2-Yr yield is up 5.4bps at 0.6852%, 5-Yr is up 4.7bps at 1.2532%, 10-Yr is up 4.1bps at 1.4751%, and 30-Yr is up 1.9bps at 1.7891%.
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