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Skittish Focus


T-Notes +0-02 at 138-11+. This comes after the contract went out at best levels on Tuesday, with the curve bull flattening as 30s richened by 5.7bp come the bell.

  • Markets continued to exhibit their skittish tendencies, as eyes drifted back towards the swelling COVID-19 case count in the U.S. & subsequent state level mitigation measures on Tuesday. Soft U.S. retail sales data was also seen.
  • A deeper U.S. pullback from the Middle East and Fed candidate Judy Shelton's failure to scale the latest Senate hurdle drew attention later in the day.
  • On the flow side, a TY futures block buyer and a ~55K TYF1 139.50 call screen-based play supported the broader flattening dynamic.
  • Tuesday saw a busy $-issuance slate, with Saudi Aramco's 5-part jumbo round headlining.
  • Little in the way of pure tier 1 risk is slated for Asia-Pac hours.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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