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EURJPY TECHS

Bears Pause For Breath

USDJPY TECHS

Support Remains Exposed

US TSY FUTURES

Poised to Extend Midday Lows

BMO analysts said they were "not.......>

US TSYS/TIPS
US TSYS/TIPS: BMO analysts said they were "not fans of the 10-year TIPS on a
breakeven or real yield basis, but saw the inflows into the sector as the
largest potential positive for the auction" ahead of time. But the $11B 10Y TIPS
auction reopening's "2.3-bp tail was disappointing, but not unexpected given the
lack of value that the note represents and after the hawkish Fed yesterday,"
they said.
- They add that TIPS breakevens "are lower on the results and real yields are
rising along with nominals. Stats were slightly soft for a reopening with direct
buyers missing and dealers taking down the supply after building in a discount.
For TIPS, this wasn't a terrible result and as the July 10-year refunding
reminds us (6 bp tail), this could have been much worse."