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Demand Fears Ease, Double Note Auction Day

US TSYS
  • Volatility continues as cash Tsys sell off through Asia and Europe sessions after yesterday’s rally saw 2YY down 15bps.
  • Demand fears take a step back on signs of stabilisation in China’s Covid outbreaks despite German and French consumer confidence sliding further.
  • Continued clashing headlines on the extent of European countries paying in RUB for Russian gas but the net impact is likely inflationary – the US may have limited direct linkages but modestly higher breakevens lead the move higher in nominal yields.
  • 2YY +4.4bps at 2.553%, 5YY +5.0bps at 2.783%, 10YY +4.4bps at 2.763%, 30YY +3.2bps at 2.860%.
  • TYM2 sits within yesterday’s range at 120-04, up just 2+ ticks having seen a rally and then subsequent unwind since yesterday’s settlement. Volumes remain close to average.
  • Light data docket with MBA mortgage data and wholesale inventories the more important.
  • Bill issuance: US Tsy $30B 119D bills at 1130ET
  • Bond issuance: US Tsy $24B 2Y FRN note auction (91282CEL1) at 1130ET after yesterday’s decent 2Y Note auction, followed US Tsy 49B 5Y Note auction (91282CEN7) at 1300ET
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