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Cheapening Pressure Resumes Post Auction

US TSYS
  • Tsys have seen renewed cheapening pressure after a brief hiatus ahead of and shortly after the solid 30Y auction. There is no clear headline driver for the latest push lower that has accelerated in recent trade, but it comes with a modest uptick in the USD in what’s at best a paring of earlier losses whilst equities hold near session highs.
  • 2Y and 5Y yields are both currently +7.5bps on the day, with the 2YY at 4.654% setting fresh highs since Mar 10, whilst the 10YY +6bps sees modest flattening on the day having earlier unwound CPI-related steepening.
  • Only 30s more notably outperform (+3bps) after the aforementioned auction.
  • TYU3 has touched session lows of 112-31, stopping just short of support at 112-29+ (May 6/30 lows) after which would lies 112-16 (76.4% retrace of Mar 2 - May 4 rally), whilst volumes continue to build healthily, currently ~1.4M.
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