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The What, Not The When


Participants seemingly chose to focus on the prospect of a U.S. fiscal deal, as opposed to when it may occur, even after apparent pushback from Senate majority leader McConnell re: a pre-election pact on Tuesday. This, coupled with some concession ahead of today's 20-Year Tsy supply, allowed some curve steepening in Asia-Pac hours, with 10- & 30-Year yields pushing through their respective recent highs. A clean break here would allow participants to focus on the June highs in both metrics. T-Notes are running on above average volume, last -0-06 at 138-16+, which represents lows of the day.

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