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Bonds Weaker at the Bell, 10Y Auction Tailed

US TSYS

After a moderately volatile first half Tsy futures sell-off, curves steepened after $35B 10Y note auction (91282CFD8) tails yet again w/ 4.140% high yield vs. 4.107% WI; 2.23x bid-to-cover vs. 2.34x prior.

  • Tsys followed EGBs higher in the first half, Bonds leading as following Russia/Ukraine headline the former planning on withdrawal from city of Kherson. Debatable as a trigger, as stocks bounced off lows as well are trading weaker again: (ESZ2 -35.00 at 3800.25).
  • Unrelated Bbg headline around same time: PUTIN TO SKIP GROUP OF 20 SUMMIT IN INDONESIA NEXT WEEK, unlikely to have contributed to FI/EQ bounce.
  • Markets remain skittish for a number of reasons including lack of definitive results from US midterm elections, no clear leader for control of Congress as yet.
  • Many remain sidelined ahead Thursday's CPI data (prior, est): MoM (0.4%, 0.6%); YoY (8.2%, 7.9%); CPI ex-food and energy MoM (0.6%, 0.5%); YoY (6.6%, 6.5%).
  • Pick-up in corporate issuance: GE Healthcare 6-part jumbo rumored appr $8B total, in addition to today's $35B 10Y note sale.
  • The 2-Yr yield is down 3.3bps at 4.6173%, 5-Yr is down 1.4bps at 4.2797%, 10-Yr is up 2.1bps at 4.1447%, and 30-Yr is up 3bps at 4.3047%.
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