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Sharp Reversal

US TSYS SUMMARY

Sharp reversal, Tsys gapped higher/equities reversed gains (ESZ0 -48.0) after series of late session tweets from Trump saying stimulus talks are over until after the election on Nov 3. Late head scratching on the decision -- national polls showed overwhelming majority (appr 75%) supported >$2T stim deal, some see as lay-up for a president to make up a 9 point deficit in polls.

  • Heavy volume, appr 200k TYZ traded on initial move from 138-27.5 to 139-06 stops triggered on way up, selling on highs, TYZ appr 6/32 off top end with total TYZ volume >1.5M. Yld curves bull flatten, scale back large portion of Mon's steepening.
  • Incidentally, US$ index surged as well, DXY little off 93.785 high from around 93.44 before the react. Not much react to Fed speak, including Chairman Powell who reiterated negative rates not an option to kindle inflation.
  • Modest tail in $52B 3Y Note auction (91282CAP6) awarded 0.193% (0.170% last month) vs. 0.190% WI, on a bid/cover 2.44 vs. 2.28 previous.
  • The 2-Yr yield is up 0bps at 0.1448%, 5-Yr is down 2.1bps at 0.3149%, 10-Yr is down 3.8bps at 0.7436%, and 30-Yr is down 4.3bps at 1.5467%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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