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Belly Underperforms In A Day of Substantial Downside

US TSYS

USTs have been offered through the day, spurred on by the bumper CPI print for October (6.2% Y/Y vs 5.9% expected).

  • Cash yields are 9-14bp higher on the day, with the belly of the curve underperforming.
  • The 30Y bond auction provided a further catalyst for selling pressure, with the sale incurring a large tail and triggering an immediate leg lower. Although yields subsequently pulled back from the intraday high, the current trading yield for the 30y is still above pre-auction trade.
  • TYZ1 has pushed lower through the day and has made a second attempt at the intraday low. The contract currently trades at 130-22 in a relatively wide intraday range (L: 130-19+ / H: 131-25).
  • Looking ahead, tomorrow's data slate will be light, with focus instead turning to the Michigan consumer confidence survey update on Friday.
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