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Strong Risk-Off Week Opener

US TSYS SUMMARY

Tsy futures broadly higher after the bell, strong tail-wind for rates all session with equities selling off, ESZ0 breaching 50-day EMA (50% retrace back to Sep low in second half). Limited data, Fed in media black-out through Nov 7.

  • - No single driver for the risk-off tone, though virus lock-down and/or vaccine efficacy concerns, election anxiety and stimulus talks all remain factors. On stimulus, WH advisor Kudlow said there were a "NUMBER OF AREAS IN PELOSI PLAN THAT TRUMP CAN'T ACCEPT" Bbg.
  • - Equities did recover off steep losses after midday when "BIDEN AIDES SAY HE'LL PUSH $2T STIMULUS PACKAGE IF ELECTED," FBN.
  • - Average volumes by the close (TYZ>1M), but pace slowed significantly in the second half, participants close to the sidelines soon after London session close.
  • - The 2-Yr yield is down 0.8bps at 0.1474%, 5-Yr is down 2.7bps at 0.3493%, 10-Yr is down 4.4bps at 0.7993%, and 30-Yr is down 4.9bps at 1.5923%.
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