A short comment (and a visual) from a dealer describing (general lack OF UST) overnight activity …
The Treasury curve has pivoted flatter around an UNCHD belly ahead of Wednesday's FOMC outcome with a lot of other central banks weighing in this week too. DXY is higher (+0.25%) while front WTI futures are modestly lower (-0.35%). Asian stocks were mixed, EU and UK share markets are mostly higher (save for an UNCHD FTSE 100) while ES futures are showing +0.2% here at 7am. Our overnight US rates flows saw a very slow start to the week with only the Fed's outright purchase schedule on the docket at 3m today. We did see good fast$ interest in steepeners (10s30s especially; see attachments and discussion below) but little else. Overnight Treasury volume was indeed ~60% of average earlier...