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Post-5Y Auction Curve Steepening

US TSY FUTURES
BulletMarketsFixed Income
Curve steepening had already been underway prior to the mildly weak 5Y auction (2.785% high yld vs. 2.777 WI), primary dealer take-up of 16.52% said to "soften the sting" of drop in bid-to-cover from 2.53x to 2.41x.
  • Current 2s10s at 25.066 (+1.162) while 5s30s off inversion at 1.395% (+2.865) vs. -3.891 low.
  • Focus turning back to heavy earnings docket that continues after the close: Invitation Homes (INVH), Raymond James (RJF), Qualcomm (QCOM), Amgen (AMGN), Ford (F), Meta (FB), PayPal (PYPL) to name a few.
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Curve steepening had already been underway prior to the mildly weak 5Y auction (2.785% high yld vs. 2.777 WI), primary dealer take-up of 16.52% said to "soften the sting" of drop in bid-to-cover from 2.53x to 2.41x.
  • Current 2s10s at 25.066 (+1.162) while 5s30s off inversion at 1.395% (+2.865) vs. -3.891 low.
  • Focus turning back to heavy earnings docket that continues after the close: Invitation Homes (INVH), Raymond James (RJF), Qualcomm (QCOM), Amgen (AMGN), Ford (F), Meta (FB), PayPal (PYPL) to name a few.