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Tsys Pare Gains In Final Countdown To Election

US TSYS SUMMARY

Tsys were nearly back to where they started the session -- steady to mixed, long end bid but well off late morning highs with a block sale in Dec 30Y ultra-bonds (WNZ0) after the closing bell weighing (only -2k at 215-11, well through the 215-16 bid at the time).

  • Curves were flatter but off midday levels as the long end scaled back long end support. Overall volumes were well off last Fri's month end trade (TYZ 1.1M vs. 2.1M) with trade more tentative ahead Tuesday's presidential election and swing states results.
  • Of course there's a lot of other event and data risk this week: FOMC policy announcement on Wednesday, October employment data on Friday (+600k est job gains vs. +661k last month), and ongoing covid-19 spread concerns.
  • Trade two-way, mostly position squaring/paring, option related hedging, no deal-related flow, some swap-tied selling in the short end.
  • The 2-Yr yield is up 0.4bps at 0.1564%, 5-Yr is down 1.1bps at 0.3733%, 10-Yr is down 2.7bps at 0.8468%, and 30-Yr is down 3.8bps at 1.6218%.
BulletMarketsFixed Income Bullets
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