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Strong Risk-On Start To 2022

US TSYS
Rates open 2022 sharply lower with a decidedly risk-on tone with equities strong (ESH2 +25.0 at 4783.5) but slightly off all-time highs set last Thu (4797.75). 30YY topped 2.0% with 2.0233% high, 10YY hit 1.6332% high. TYH2 tapped first support of 129-12.5, 76.4% retracement of the Nov 24 - Dec 20 rally.
  • Gold -27.46 at 1801.74; West Texas Crude +0.84 at 76.05; US$ index DXY +.547 at 96.217.
  • Rates started off weaker, albeit on very light volumes as NZ, Australia, Japan, London and Canada out for New Years holiday. Best volumes in weeks as sell-off accelerated into midday, TYH2 over 1.2M after the bell.
  • Nevertheless, market depth remained thin, trade whippy. Contributing to steeper curves, trading desks reporting domestic real$ buying 2s, foreign real$ selling 10s, sporadic deal-tied selling and flattener unwinds in intermediates vs. long end. Some stops triggered in rates on way down, technical selling.
  • Early flow included prop, fast$ and deal-tied selling in 2s-10s, Real$ selling 30s.
  • Resumption of corporate issuance ($11.75B total Monday) absent since around Dec 10 contributed marginally to selling.
  • The 2-Yr yield is up 4.4bps at 0.7758%, 5-Yr is up 9.6bps at 1.3589%, 10-Yr is up 11.1bps at 1.621%, and 30-Yr is up 10.7bps at 2.0105%.
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