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30Y Yield Back Over 3.3%

US TSYS
Tsy futures weaker but off second half lows, breaking narrow overnight range following decent Durable Goods report w/ revisions: new orders +0.0% vs. +0.8% est, however, June revised to +2.2%; ex-trans +0.3% vs. +0.2% est.
  • Tsy 30YY tapped session high of 3.3278% later in the second half after holding near lows following smaller-than-expected decline in July of -1% (cons. -2.6%) from a slightly downward revised -8.9% in June for -22.5% Y/Y.
  • Tsy futures held lower range after $45B 5Y note auction (91282CFH9) tailed: 3.230% high yield vs. 3.217% WI; 2.30x bid-to-cover vs. 2.46x last month.
  • Yield curves scaling back portion on Tue's steepening, 2s10s -2.943 at -28.719. Heavy overall volumes (TYU2>2.5M) tied to Sep/Dec roll picking up.
  • Focus remains on KC Fed's annual Jackson Hole Economic Symposium: Reassessing Constraints on the Economy and Policy, starts Friday w/ Chairman Powell speaking at 1000ET (0800 local), text is expected but no Q&A. Markets keen on pivot after cooling data or will the Fed maintain hawkish stance to squelch inflation.
  • Currently, 2-Yr yield is up 8.9bps at 3.3885%, 5-Yr is up 6.7bps at 3.2314%, 10-Yr is up 6bps at 3.1057%, and 30-Yr is up 6.2bps at 3.3166%.
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