T-notes finished flat having moved off lows through the latter part of the pit session. The focus on geopolitical tensions in Gaza/Israel supported the flight to quality with the US economic data such as the Philadelphia Fed survey and the weekly claims numbers also not conducive to risk appetite as the effects of Sandy were evident. Overall, price action was muted as the large corporate issuance did cap the upside gains despite the 134.00 level having been broken. The 10y yield is approximately 3BPS away from the 1.550% level which may come into play if the Middle East situation escalates. At the pit close t-notes finished at 134.01+, flat on the session.
15 Nov 2012 - 14:01 - - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: