Treasury Market Summary:

Treasury Market Summary: trading was short and sweeet to end the week with the markets closing early following the Thanksgiving Day holiday. And the lack of data or events made for an even more lackluster session. Treasuries recovered from opening losses and yields closed slightly lower as a haven bid and bargain hunting underpinned. The surge in covid cases and the lockdowns in Beijing escalated fears over the Chinese economy. The front end and belly of the curve outperformed as the dovish lean from the FOMC minutes lingered. The 2- and 5-year yields richened 2.5 bps to 4.45% and 3.858%, respectively, while the 10-year was 1.5 bps lower at 3.678%. The curve closed at -78 bps from -79 bps Wednesday. Treasury yields were higher at the open with the 2-year at 4.518% and the 10-year 3.75% on spillover from EGBs with European rates climbing double digits after hawkish ECBspeak. Wall Street finished mixed, as it traded all session. The Dow managed a 0.45% gain, while the S&P was fractionally lower and the NASDAQ was down -0.52%. All of the major indexes were in the green for the week with a 2.39% rally in the Dow, a .202% gain in the S&P 500 and a 0.73% increase on the NASDAQ. The DXY dollar index was fractionally lower at 106.004, having ranged from 106.423 to 105.687.