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Tsy Yields in Decline

US TSYS SUMMARY
  • Rates finish strong, near highs set in late morning trade, with futures trading sideways from midday through the close. Robust volumes as US markets return from 4th of July holiday, specific drivers for the rally were elusive.
  • Risk-off opinion garnered some attention as Covid-19 Delta variant's resistance to vaccines contributed to the support. Others pointed to release of June FOMC minutes tomorrow for round of position squaring/current bid.
  • 30Y Bond climbed to post-FOMC levels (before sharp June 21 sell-off) in early trade as 30YY dipped to 1.9712%, 10YY to 1.3498%.
  • Tsys extended session highs post-data, June ISM services slips to 4M low. Tsy 10Y futures breached second resistance (133-06.5, June 11 high and bull trigger) to 133-12.5 high. Yield curves mostly flatter, 5s30s resisting move, +0.554 to 118.698.
  • Bullish option flow centered around put and put spd unwinds and buying calls outright and on spd.
  • The 2-Yr yield is down 1.4bps at 0.2199%, 5-Yr is down 5.3bps at 0.8045%, 10-Yr is down 6.1bps at 1.3632%, and 30-Yr is down 4.2bps at 1.9983%.
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