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White House Green-Lights Fed Chair Powell Reappointment

US TSYS
Tsy futures trade broadly weaker across the board, at/near late session lows and testing technical support. Risk-on: Better than expected existing home sales +0.8% MoM to 6.34M SAAR (-1.8% est) was quickly overshadowed by the White House surprise announcement of the reappointment of Jerome Powell as Fed Chairman, Lael Brainard in the vice-chair slot. US$ bid (DXY +.512 at 96.543), gold sharply lower (-40.37 at 1805.36).
  • Tsy futures draw fast two-way trade near lows, equities climb to new highs (4739.5, banks rally). Further appt's to be announced in the weeks ahead -- before Christmas.
  • Tsy futures extending session lows after $58B 2Y note auction (91282CDM0) tailed with 0.623% high yield vs. 0.610% WI; 2.36x bid-to-cover drops vs Oct's 2.69x well over five auction avg: 2.54x.
  • Tsy futures remain under pressure -- near late morning lows after another tail: $59B 5Y note auction (91282CDK4) with 1.319% high yield vs. 1.309% WI; 2.34x bid-to-cover recedes vs. last month's 2.55x.
  • Heavy roll volume, 10Y over 1M, percentage complete still under 25% ahead Nov 30 first notice. The 2-Yr yield is up 7.4bps at 0.5802%, 5-Yr is up 9.1bps at 1.3119%, 10-Yr is up 8.1bps at 1.627%, and 30-Yr is up 6.8bps at 1.9783%.
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