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Stimulus Headlines Temper Early Risk Appetite

US TSYS SUMMARY
Treasury futures trade steady/mixed after the bell, well off early session lows as risk appetite cooled by midmorning. Overall volumes remain muted due to limited holiday participation
  • After rising to new all-time highs in early trade, equities reversed, near session lows in late trade. Trading desks citing various factors including asset re-allocation out of stocks into Tsys ahead month/yr end, headline risk associated w/stimulus relief vote in Senate, weakness in Apple shares after making new highs also noted.
  • Midday selling after Sen Majority leader Mitch McConnell "BLOCKS SCHUMER MOVE TO QUICKLY PASS $2,OOO CHECKS" Bbg. Dow Jones reported soon after that "McConnell suggests he'll tie bigger stimulus checks to Internet, voting issues."
  • No significant react to Case Shiller Home Index (+1.7%) nor the third consecutive weak note auction of the week: US Tsy $59B 7Y Note auction (91282CBB6) draws high yield 0.662% rate (0.653% last month) vs. 0.660% WI; 2.31 bid/cover vs. 2.37 prior.
  • The 2-Yr yield is up 0.8bps at 0.127%, 5-Yr is up 2.2bps at 0.3766%, 10-Yr is up 1bps at 0.9331%, and 30-Yr is up 1.2bps at 1.671%.
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