Risk Pared Ahead US Election Results

Tsy futures still trading weaker but are well off late morning lows by the bell, yield curves mostly steeper but off highs. First half risk-on tone scaled back in second half (equities off highs (ESZ0 +56.0) as uncertainty over who will win election (not to mention how long results will take).

• Moderate volumes, TYZ0 just over 1.1M, markets have FOMC policy annc on Thu and October employment data to contend with Friday.
• Strong risk-on tone carried over from overnight through much of the first half, knock-on bid in US equities after German DAX staged another strong rally. Contributing factor for US shares is Biden/Harris win will bring fiscal stimulus to those in need quicker than a Trump/Pence re-election will.
• Dec-Ultra-Bond Block buy just after 1300ET added impetus to rally w/ futures bought at 214-12, well through the 214-07 post-time offer.
• Earliest results will start will start filtering out soon after polls close around 1900ET, while some states are prevented in counting mail-in ballots until after the close as well. It's going to be a long night.
• The 2-Yr yield is up 1.2bps at 0.1663%, 5-Yr is up 1.6bps at 0.3909%, 10-Yr is up 3.6bps at 0.8789%, and 30-Yr is up 3.4bps at 1.6501%.