This mornings PDF is updated and today you’ll find … bullets, technical analysis and many sell side observations. I’d highlight
My View: JPM metrics show poor govy liquidity but what’s avail on The Terminal shows something else.
Here are some OTHER FI risk ON proxies -- LQD (spreads are tight and to get tighter so watch $137)
…and MUB having risk ON tailwinds in addition TO Biden tax policies (watch $118).
In terms of what to do IN UST, kindly see technicals as well as EXTENSIONS next week and consider taking 5yy profits and looking at 5s20s spread (see above). Its summer-time and volumes are light (for the most part, aside from episodically stop hunting) …
Finally DO check out a couple PRESS LINKS where the NYT story on rising rents THREAT (I dealt with this yesterday, see final bullet HERE) and also FT story on how China in hurry to setup bailout funds for state run firms…this is fine…