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Cash Curve Inverts To 100bp, Strong 20-Year Auction

US TSYS

TYU3 is currently trading at 113-09+, in line from NY closing levels.

  • The cash tsy curve twist flattened, pivoting at the 10-year, with yield changes ranging from +3.1bp to -0.4bp.
  • US tsy yields moved higher after higher-than-expected UK inflation data but recovered following a successful 20-year bond auction. The auction resulted in a yield that traded 1.8bp below the WI yield and featured a record-high bid/cover ratio of 2.87x, surpassing the previous month's ratio of 2.56x.
  • Meanwhile, short-term tsys remained cheaper on the day, with the 2s10s spread testing a downside inversion of 100bp in the late session.
  • Not too much of a reaction to Fed Chairman Powell's semi-annual testimony to Congress earlier, reiterating talking points from last week's hawkish hold. He said last week's decision to hold rates steady for the first time since March 2022 reflected "how far and how fast we have moved," adding that future decisions will be made on a meeting-by-meeting basis.
  • Chairman Powell reappears at Senate Banking Committee tomorrow at 1000ET.
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