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The Fiscal Dance In DC Continues
E-minis have nudged higher since the Wall St. cash close, with light pressure on T-Notes as the differences between the Trump Administration and Democrats re: fiscal stimulus reportedly narrow, even with some notable hurdles (and Senate Republican opposition to the proposals from the Democrats) still in play. A reminder that this comes ahead of Pelosi's impending Tuesday deadline for pre-election fiscal discussions. T-Notes last -0-03+ at 138-26.
- It was the Senate Republicans' focus on a targeted/piecemeal round of fiscal relief and Democrat commentary re: significant differences surrounding the matter that weighed on Wall St. into the cash equity close on Monday. This allowed T-Notes to correct from their NY morning lows. While the cash curve went out steeper, with yields off extremes, before the late move that we have outlined in the previous paragraph.
- A contact noted continued real money a/c buying of the front end in the NY morning along with some longer dated weakness linked to the T-Mobile corporate deal also being evident, which would have aided the steepening impetus.
- Monday's Fedspeak offered little of note to add to the debate.
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