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Tsys Near Late Session Highs

US TSYS SUMMARY
Rates finishing higher after a weaker start, modest risk-on unwind tone for the last full trade session of 2020.
  • Late stimulus headlines lending to risk-off move: Sen majority leader McConnell "SENATE WON'T BE `BULLIED' INTO MORE AID CHECKS; WON'T BREAK UP THREE TRUMP DEMANDS."
  • Futures bounce back to steady/mixed levels midmorning, volume spike in TYH1 over 38,000 on move from 137-28 to -30.5 pushing TYH1 volume up to 285k at the time (635k late). Not data related (PMI better than expected at 59.5 vs. 56.0 est) and unlikely related to confirmation that "huge swaths of England moving to tier 4, lockdown. Bid more likely month/year end allocations again -- similar gap trade on volume spike same time Tuesday.
  • Couple large block buys in March Ultra-bonds contributed to second half rally: +4,655 WNH1 212-11 through 212-02 offer and +2,470 WNH1 at 212-28 through 212-21 offer.
  • The 2-Yr yield is unchanged at 0.125%, 5-Yr is down 1bps at 0.3687%, 10-Yr is down 1.3bps at 0.9231%, and 30-Yr is down 1.6bps at 1.6589%.
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