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Risk-On Gained Momentum, Pared Late

US TSYS SUMMARY

Tsy futures broadly weaker after the bell, but off late session lows, taking cues from equities scaling off new all-time highs (ESZ0 3660.0 vs. 3677.5H). 30YY up 10bp at one point, yld curves broadly steeper but off highs. Heavy volumes, TYH just below 2M after the bell.

  • No single driver for steady rise in yields back to mid-November levels (10YY 0.9360%H; 30YY 1.6830%H), just diminishing rolls, extension trades, re-positioning after massive month end volume late Monday, stops were triggered on the way down, interest in steepeners surged again.
  • Of course the rally in equities added impetus to the move tied to hope over a COVID stimulus being passed in the near term. Perhaps some knock-on support for risk after Times Radio report that UK-EU talks had entered the 'tunnel' with a deal in sight.
  • US$ slumped (DXY -.675 to 91.195) and gold surged +37.5. The 2-Yr yield is up 2bps at 0.1682%, 5-Yr is up 5.5bps at 0.4161%, 10-Yr is up 8.1bps at 0.9194%, and 30-Yr is up 9.5bps at 1.6622%.
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