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Risk-Rally In Your Stocking

US TSYS
Rates trading weaker after Thursday's early close (Friday markets closed for Christmas Eve) on very light volumes: TYH2 just over 466k.
  • Tsy futures near bottom of the session range after selling off on another positive showing for equities (ESH2 +33.0 to 4719.0, 4724.25H vs. 4738.5 all-time high on Dec 16).
  • Tsy futures pared modest losses briefly post-data (in-line wkly claims, continuing claims beat, durables beat but core cap goods weak). Rates reversed gains after stocks opened and held near lows since midmorning (30YY 1.9122%H; 10YY 1.4995%H).
  • U. of Mich. Sentiment in-line with estimate (70.4), existing home sales weaker than estimated: +12.4% TO 0.744M SAAR (.770M est) did spur some light buying in 10s-30s.
  • Upbeat Covid headlines similar to Wednesday: OMICRON HOSPITAL RISK 50-70% LOWER THAN DELTA, U.K. SAYS ... MERCK COVID PILL AUTHORIZED FOR EMERGENCY USE IN THE U.S, Bbg
  • No new high-grade issuance, Dec running total stands at $62.2B. NY Fed buy-operations pause for holidays, resume Jan 3 with Tsy 2.25Y-4.5Y, appr $6.325B vs. $7.375B prior.
  • The 2-Yr yield is up 2.6bps at 0.6861%, 5-Yr is up 2.5bps at 1.2401%, 10-Yr is up 4bps at 1.491%, and 30-Yr is up 5.6bps at 1.9052%.
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