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Tail Wags Dog

US TSYS SUMMARY
Rates finish broadly weaker after a stronger start, off late session lows after the bell. Story of tail wags dog. After a slight delay, Tsy futures pared gains in long end after weekly claims drops 67k to 847k, drew more selling on heels of Q4 GDP (+4.0 vs. +4.2% est), Advance Goods Trade Balance is a deficit ($82.5B vs. $84B est), Wholesale Inventories (+0.1% MoM vs. +0.5% est).
  • But it wasn't until word that brokers Robinhood and Interactive Brokers would crack down on trading of high-flyer single lists that have seen massive surges in prices and volume this week that risk appetite surged, Tsys falling sharply as equity indexes rebounded from Wed's sharp rout (eminis +1.33% after falling more than 3% late Wed). "ROBINHOOD RESTRICTIONS APPLY TO GME, AMC, BB, BBBY, NOK, OTHERS" .. "ADDS AAL, CTRM, SNDL, OTHERS TO RESTRICTED TRADING," Bbg, Seante and House reps both to launch hearings.
  • Futures continue to slide lower across the board, back near middle of range traded from Jan 14-22; 10YY +.0475 to 1.0636% day after breaching 1.0% (0.9992% low Wed; 30YY +.0565, 1.8305%. Yield curves back near early Jan/multi-year highs.
  • Little react after decent 7Y Auction: Record US Tsy $62B 7Y Note auction (91282CBJ9) stopped through: draws high yield 0.754% (0.662% last month) vs. 0.757% WI; 2.30 bid/cover vs. 2.31 prior.
  • The 2-Yr yield is unchanged at 0.1191%, 5-Yr is up 1.7bps at 0.4288%, 10-Yr is up 3.4bps at 1.05%, and 30-Yr is up 3.8bps at 1.8115%.
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