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This Indecision's Buggin' Me, Trump Vetoes Relief Bill

US TSYS SUMMARY

Tsys weaker across the curve by the bell, more than making up for Tue's rally with yield curves bear steepening back to mid-2017 levels before scaling back slightly in late trade.

  • Risk-on: Seasonal bid for equities (ESH1 +17.0) despite Pres Trump not signing Covid relief bill in favor of $2k checks, vetoing the bipartisan bill after the bell., spurred partially by late hour hopes of UK/EU Brexit deal (GBP surged to 1.3571 high on midmorning chatter deal was done only for Sterling to recede back to 1.3476 when wires walked back the rumor).
  • After early post-data chop, Tsy futures extended pre-open lows, yld curves rebounding after flattening last couple sessions. Noted pick-up in sell volumes in 10s-30s, TYH appr 320k at moment; sources reported prop and fast$ selling 5s-10s.
  • Jan serial Tsy options expire Thursday due to Friday Christmas holiday.
  • The 2-Yr yield is up 0.6bps at 0.1189%, 5-Yr is up 1.3bps at 0.375%, 10-Yr is up 3.5bps at 0.9513%, and 30-Yr is up 4.6bps at 1.6938%.
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