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Twist Steepening On Surging But Milder Omicron Cases

US TSYS
  • Cash Tsys have twist steepened today, led by the longer end, as markets weigh up the impact of surging but seemingly less severe Omicron cases.
  • 2Y yields are -0.8bps at 0.742%, 5Y -0.2bps at 1.258%, 10Y +1.2bps at 1.493% and 30Y +1.6bps at 1.916%.
  • Tsys outperform core Europe in 10Y space, with the +1.2bps sell-off vs Bunds +1.7bps, OATs +2.6bps and Gilts +4.8bps.
  • TYH2 has sold off with London coming in, unwinding a small rally overnight to leave it -0-01+ at 130-18, a level close to where it has found some support over the past four trading days amidst low volumes.
  • A string of non-tier one data releases today: wholesale and retail inventories, advanced trade and pending home sales all for Nov.
  • US Tsy $40B 119D bill CMB auction and $24B 2Y FRN note auction re-open (1130ET) before $56B 7Y Note auction (1300ET). There was a second consecutive auction tail with yesterday's 5Y note.
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