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Treasuries Bear Steepen On Omicron Developments

US TSYS
  • Cash Tsys have seen a mild bear steepening this morning in response to some encouraging news regarding Omicron hospital patients requiring less medical intervention.
  • 2Y yields are +3bps at 0.617% (back near ytd highs), 5Y +3.5bps at 1.167%, 10Y +4.4bps at 1.387% and 30Y +4.2bps at 1.714% (close to ytd lows).
  • TYH2 futures have traded in a tight range today, currently 131-00 as they somewhat consolidate Friday’s late rally.
  • No substantive data today and Fed in blackout ahead of Dec 15 meeting.
  • NY Fed buy-op: TIPS 1Y-7.5Y, appr $1.775B (1030ET)
  • Issuance kept to bills today, with US Tsy $57B 13W and $51B 26W Bill auctions (1130ET), before 3s, 10s and 30s from tomorrow onwards.

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