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Headline risk trumped data and Fed speakers Wednesday. Tsys traded weaker after the bell but were well off session lows to near middle of session range, long end underperforming.
- Tsys were trading firmer on the open but reversed reportedly over hopes of a economic relief bill as Tsy Sec Mnuchin and House Speaker Pelosi were expected to meet afternoon to discuss. MNI cautioned a no deal on bill was sure to reverse the risk-on tone sharply, month/quarter-end imbalances to add to real-vol.
- And so it was: heavy volumes driven by late month/quarter end rebalancing and risk-on unwinds largely tied to disappointment over failed stimulus relief negotiations as well as headline from pharmaceutical company Moderna that they will not have a Covid-19 vaccine ready prior to the election on Nov 3.
- Late session volume surge, TYZ>1.565M after the bell, appr 700k tied to move off lows on stimulus headlines and second surge on Moderna headlines.
- The 2-Yr yield is up 0.4bps at 0.127%, 5-Yr is up 2.1bps at 0.2752%, 10-Yr is up 3.5bps at 0.684%, and 30-Yr is up 5.1bps at 1.4663%.