• WHITE HOUSE MULLS 50-YR, 25-YR BOND TO FINANCE $1.3T STIMULUS

Bonds were slightly stronger in the overnight session but just took an immediate hit on the headline above.  New, longer-term Treasury securities have been discussed in the past and generally ruled out fairly quickly.  This time around, however, there would be more of a reason for them to be introduced given the surge in issuance associated with the coronavirus stimulus package.  

10yr yields crested 1.22% after opening at 1.12% but are down around 1.20% currently.  UMBS 2.5 coupons are down 3/8ths of a point on the news.