above avg UST volumes overnight. MERKEL SAID...
...German 7d virus figures (per 100k people) -- cases / deaths UP
US RATES experienced what is said to be an above average volume session — sort of. From the sell side
…Treasuries are lower heading into the NY open after being largely unchanged 3hrs ago as back-back 2y and 5y Treasury auctions loom. DXY is modestly higher (+0.12%) while front WTI futures are slightly lower (-0.25%). Asian stocks were mixed, EU and UK share prices are mixed/higher while ES futures are showing +0.34% here at 7:05am. Our overnight US rates flows saw better real$ buying during Asia's session being met with some selling after the London crossover. Overnight US Treasury volume was above average overall (125%) even though our desk activity (Tokyo at least) was pretty quiet…
The UST selloff (aka concession for supply) was briefly interrupted after some Merkel comments detailed by Bloomberg
Merkel Says Covid Spike ‘Worse Than Anything We’ve Seen’
Chancellor Angela Merkel said the latest surge in Covid-19 infections is worse than anything Germany has experienced so far and called for tighter restrictions to help check the spread.
Merkel told officials from her Christian Democratic party on Monday that the situation is “highly dramatic” and warned that hospitals would soon be overwhelmed unless the fourth wave of the virus is broken, according to a person familiar with her remarks…
AND some data