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Subdued Rally For Rates, US$ Reverses Early Bid

US TSYS SUMMARY

Despite the breadth of the move, the risk-off rally in rates was rather subdued Thursday, COVID-19 spread and concern over stricter quarantine measures supportive for rates though equities managed to break session range late to trade modestly higher.

  • Long end outperformed coming into the session with two-way flow from bank portfolios overnight, light fast$ and prop buying shorts to intermediates vs. bank and swap-tied selling. Decent deal-tied hedging.
  • Tsys maintained decent support all session, heavy volumes a little deceiving as Dec/Mar futures rolling picked up in earnest, TYZ/TYH over 320,000 by the bell.
  • Equities surged to new session highs late, apparently on the back of fiscal relief hopes after Senate Majority Leader Mitch McConnell "agreed to resume negotiations with Democrats over a potential new Covid-19 bill as cases continue to surge around the country, Senate Minority Leader Chuck Schumer said" CNBC.
  • The 2-Yr yield is down 0.4bps at 0.1693%, 5-Yr is down 1bps at 0.3857%, 10-Yr is down 1.6bps at 0.8537%, and 30-Yr is down 2.3bps at 1.5771%.
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