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And BMO's Aaron Kohli points out other...>

US TSYS/3Y
US TSYS/3Y: And BMO's Aaron Kohli points out other 3Y auction positives such as
the "slight positive seasonal bias for 3-year auctions to stop through 1pm
levels with four of the last seven September auctions doing so. That's not huge
given the sample size, but we've also stopped through at the last three
auctions. Furthermore, seasonals over the last five years do imply a bias for
yields to fall with the peak in mid-September." - He adds "flows are marginally
positive with the ETFs we track getting roughly 100 million in over the last
month." He said 3Y notes "look slightly richer in repo though not rich by any
means, and the Fed will not be buying anything at the auction." 
- But Kohli also warned "the 3-year remains vulnerable to event risk with CPI
later this week though given the recent spate of humdrum prints, we'd see more
reason to buy on a CPI-inspired backup then sell into it." He said "front-end
futures are still short, but much less so than in the past. That presents a
small negative as it implies fewer short-covering buyers this week." 
- He added that "net new cash is a bit higher this week at $29 billion which is
worse than the past few cycles which have seen smaller net cash raises."

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