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Tsys Near Late Session Highs, Yellen Talks China Risk, 50Y Bond

US TSYS SUMMARY

Futures holding firmer levels across the curve, narrow range after futures surged to new session highs in late morning trade.

  • Driver debatable as former Fed Chair/Tsy Sec nominee Yellen testified at confirmation hearing: targeting China as main competitor, talked abusive practices and `GENOCIDE' ON UIGHURS. Yellen positively eyes 50Y Bond to extend duration/raise $, Yld curves spiked but finishing off highs.
  • Futures extended session highs as Yellen said US not "seeking weaker $", equities pared gains (ESH1 +14.0). Prop and real$ acct selling int strength as levels receded slightly; yield curves mildly steeper for most part.
  • But futures reverse support after Yellen discusses extending duration to 50Y Bond, would "be pleased to look at issue". Yld curves moving steeper as long end support evaporated briefly. Countdown to Pres-elect Biden inauguration at 1200ET Wed.
  • Additional flow tied to multiple bill auctions, while supra-sovereign US$ debt issuers resumed
  • The 2-Yr yield is down 0.4bps at 0.129%, 5-Yr is down 0.3bps at 0.447%, 10-Yr is up 0.7bps at 1.0903%, and 30-Yr is up 0.6bps at 1.8388%.
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