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A Mild Bid With Midterms, CPI In Focus

US TSYS
  • Cash Tsys have seen a small bid since the start of the European session along with European core FI, unwinding a prior cheapening to leave yields down just 1-2bps across the curve.
  • With another light docket, 3Y supply provides some focus in the session, with attention otherwise on today’s midterm elections (85-90% chance implied by bookmakers of Democrats losing full control with Republicans gaining one or both houses) but all with an eye on CPI on Thursday.
  • 2YY -1.2bps at 4.709%, 5YY -1.6bps at 4.372%, 10YY -1.7bps at 4.197%, and 30YY -0.8bps at 4.311%.
  • TYZ2 trades 4 ticks higher at 109-25, pulling off an overnight low of 109-14 that remained above support at 109-10+ (Nov 4 low). After a relatively busy start to overnight trade, volumes have tailed off and are cumulatively below average for the time of day.
  • Bond issuance: US Tsy $40B 3Y Note auction (91282CFW6) – 1300ET
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