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*** Ten-years to the day -- Tsy.....>

US TSYS SUMMARY
US TSYS SUMMARY: *** Ten-years to the day -- Tsy curve continues to flatten,
revisiting levels not seen since early Nov'07 67.435 last -1.723; outright
flattener interest in 2s & 5s vs. 10s & 30s.
- Salient underlying factors affecting mkts -- equities under pressure with bank
shares reacting negatively to flatter yld curve (maybe should be given vicinity
to all-time highs) but off lows w/emini -4.0 at 2584.75. Tax reform bill
tentative vote Thu may not pass. 
- Exogenous factors, geopol tension between US and N Korea remains high w/US
Pres Trump in region on 2-wk Asia tour, leaderless Catalonia vs. Spain rule,
ongoing Brexit/EU negotiation tug-of-war. Bright spots? Portugal, Italy, Spain
and Greece 10Y spd tto Germany all narrowing.
- Tsy futures holding off top end of range on decent volume after mixed $24B 3Y
auction w/2.76 bid/cover. Two-way in front end earlier, real$ selling 5s and
fast$ unwinding 5s30s flatteners, technical sellers in cash as 10Y bumping up
against 200-dma. Corp deal-tied flow in mix.
- Swap spd curve steepening out, 30Y spd back to 2Y (inverted) highs
MarketsFixed Income Bullets
MarketsFixed Income Bullets

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