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2Y Yield Nears 4%, 20Y Re-Open Later

US TSYS
  • Cash Tsys have cheapened further, lagging moves in core EU FI after a large beat for German PPI inflation and with Fed hike expectations drifting above a 4.5% terminal. It pushed new cycle highs for 2YY (highest since Dec’07), 5YY (Jun’08) and 10YY (Apr’11) before a modest retracement.
  • 2YY +3.3bps at 3.969% off a high of 3.9877%, 5YY +4.6bps at 3.729%, 10YY +4.1bps at 3.532%, 30YY +3.0bps at 3.545%.
  • TYZ2 trades 9 ticks lower at 114-02+ on above average volumes. In hitting session lows at 114-01, it has cleared a key support at 114-06 (Jun 14 low) and opens a test of the round 114-00 after which sits 113-19 (Jun 19, 2009 low, cont.).
  • Data: Still housing-focused, with starts/permits for Aug after yesterday’s modest miss for the NAHB index.
  • Bond Issuance: US Tsy $12B 20Y Bond auction re-open (912810TK4) – 1300ET
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