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2Y Yields Fail To Breach 4%

US TSYS
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
  • 2Y yields again stop short of testing the 4% handle, topping out at 3.9977% after some similar resistance earlier.
  • They’ve increased from session lows of 3.942% a little after 0600ET as US desks filter in but meet a psychological level as markets continue to assess the fallout from the dovish payrolls report (2Y yields were 4.12% pre-payrolls).
  • 2Y yields are +6.9bps whilst the belly leads yield increases on the day with 7s +8.1bps.
  • Today’s $58bn 3Y auction offers a litmus test for the front end of the curve amidst high volatility, and lands after a dearth of data or scheduled Fedspeak today.
  • The 3Y WI is currently 3.795%, some 60bps below the 4.399% high yield from the July 3Y auction which helped see a strong bid-to-cover of 2.67x (joint highest since Jan).
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  • 2Y yields again stop short of testing the 4% handle, topping out at 3.9977% after some similar resistance earlier.
  • They’ve increased from session lows of 3.942% a little after 0600ET as US desks filter in but meet a psychological level as markets continue to assess the fallout from the dovish payrolls report (2Y yields were 4.12% pre-payrolls).
  • 2Y yields are +6.9bps whilst the belly leads yield increases on the day with 7s +8.1bps.
  • Today’s $58bn 3Y auction offers a litmus test for the front end of the curve amidst high volatility, and lands after a dearth of data or scheduled Fedspeak today.
  • The 3Y WI is currently 3.795%, some 60bps below the 4.399% high yield from the July 3Y auction which helped see a strong bid-to-cover of 2.67x (joint highest since Jan).