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Cheaper On Net Ahead Of 5Y Supply, Deluge Of Second Tier Data

US TSYS
  • Cash Tsys have seen mixed overnight trade, rallying with and after the open before cheapening in the European session as they lag larger sell-offs in EGBs and Gilts. The cheapening impetus remains although Treasuries are off lows along with a fading in equities.
  • 2YY trades +6.2bps at 4.006% for yesterday’s newly issued 2Y (although just +1.5bps on a generic basis), 5YY +4.0bps at 3.631%, 10YY +1.3bp at 3.543% and 30YY -0.5bp at 3.755%.
  • TYM3 trades 6+ ticks lower at 114-25+ off intraday lows of 114-18 that form support above the 20-day EMA of 114-03.
  • Data: Wholesale & retail inventories (0830ET), advance goods trade balance (0830ET), FHFA House prices (0900ET), S&P CoreLogic house prices (0900ET), Conf Board consumer survey (1000ET), Richmond Fed mfg index (1000ET) and Dallas Fed services activity (1000ET).
  • Fedspeak: VC Supervision Barr speaks at Senate Banking Panel testimony (1000ET).
  • Note/bond issuance: US Tsy $43B 5Y Note auction (91282CGT2) – 1300ET
  • Bill issuance: US Tsy $30B 7-day CMB auction (1130ET), $45B 17-day CMB auction (1300ET).
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