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Strong Stocks, Rebound for Oil Weighs on Tsys

US TSYS
No data Monday (Fed in blackout), geopolitical tension between Russia and US over Ukraine ahead Tue's remote conf between Pres's Biden and Putin, did little to stem the apparent risk-on tone.
  • Rates extended session lows from the noon hour, near lows on moderate overall volumes (TYH2 just over 1.1M after the bell), short end yield curves steepened. Equities climbed (ESZ1 +60.0 to 4597.0 late), WTI crude crested 70.0, gold off 4.20 to 1779.09 late).
  • Of note, 2Y/10Y Ultra curve steepener blocked in first half: +14,000 TUH2 109-06, buy through 109-05.75 post-time offer at 1012:25ET vs. -4,700 UXYH2 147-22, sell-through 147-22.5 post-time bid, off the CME's 4:1 spd ratio for the pair.
  • Likely to ebb later in the week, Monday's total corporate debt issuance was robust, $6B Roche helped lead total high-grade debt issuance to $17B.
  • Tuesday focus: Unit Labor Costs (8.3% est), Trade Balance (-$66.9B vs. -$80.9B prior)
  • The 2-Yr yield is up 4.2bps at 0.6292%, 5-Yr is up 7.9bps at 1.2111%, 10-Yr is up 9.5bps at 1.4376%, and 30-Yr is up 8.8bps at 1.7611%.
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