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Flat-To-Weaker With Political Stalemates Eyed

US TSYS SUMMARY

Treasuries are trading flat-to-weaker having retraced a mild safe-haven bid early Tuesday, with a fairly light schedule ahead and few macro drivers so far.

  • The 2-Yr yield is unchanged at 0.1408%, 5-Yr is up 0.5bps at 0.3909%, 10-Yr is up 0.8bps at 0.9311%, and 30-Yr is up 1.2bps at 1.6917%.
  • Mar 10-Yr futures (TY) down 0.5/32 at 137-22.5 (L: 137-20 / H: 137-25.5) Light volumes, ~180k.
  • Brexit uncertainty remained at the forefront in Europe trade, with COVID lockdown / vaccine rollout concerns also weighing. Stock futures dipped to new session lows a little after 0600ET on Tesla's share sale announcement. Dollar trading within ranges.
  • Attention today will again be on Capitol Hill, with bipartisan stimulus/funding negotiations ongoing (Dec 11 deadline due to be pushed back one week, a vote on which Wednesday).
  • Another thin data set ahead: nonfarm productivity/unit labor costs at 0830ET. Earlier, NFIB small biz optimism missed expectations very slightly, but not a market mover. And no Fed speakers (FOMC blackout).
  • More bill sales today: $60B of 42-/119-day bills at 1130ET. NY Fed buys ~$2.425B of 1-7.5Y TIPS.
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