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Slow And Steady Weakness With 10-Yr Supply Eyed

US TSYS SUMMARY

Tsys are near session lows having weakened in slow and steady fashion overnight, with macro / headline drivers few and far between, and with 10-year supply eyed later Wednesday.

  • Bit of bear steepening, the 2-Yr yield is up 0.4bps at 0.1548%, 5-Yr is up 1.1bps at 0.4036%, 10-Yr is up 2.2bps at 0.9394%, and 30-Yr is up 2.4bps at 1.6863%.
  • Mar 10-Yr futures (TY) down 6.5/32 at 137-19.5 (L: 137-18 / H: 137-23.5), weak volumes (~180k).
  • First point of business in Washington is for Congress to vote on a stopgap funding bill ahead of the Dec 11 funding deadline, House set to vote today.
  • The White House's return to stimulus negotiations yesterday suggested progress but major stumbling blocks still there (Democratic leadership said cutting supplementary unemp benefits "unacceptable").
  • $55bn of 105-/154-day bills auctioned at 1130ET, then $38bn 10-Yr Note Re-open at 1300ET.
  • Another thin data calendar today: Oct final Wholesale Inventories and JOLTS at 1000ET.
  • NY Fed buys ~$1.750bn of 20-30Yr Tsys.
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