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Curve Steepens; Issuance Weighs In NY

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TYH3 deals at 114-00, unch vs. settlement and a touch below levels seen late in the NY session.

  • Tsys bear steepened on Tuesday, finishing 3-7bp cheaper. The space was pressured in the European session as weakness in Bunds (on heightened EUR supply) spilled over, before briefly paring losses as Fed Chair Powell refrained from giving any hints on the monetary policy outlook.
  • Whilst Fed Chair Powell did not directly comment on Fed policy he did note that restoring price stability during heightened inflation requires "measures that are not popular”. Fed Gov Bowman reiterated themes observed in recent communique on curbing inflation and stressed that further tightening is required.
  • A brisk pace of corporate issuance and related hedging activity weighed on the space in the NY session, seeing Tsys extend losses, meanwhile, setup ahead of this week's Tsy auction slate also weighed.
  • A block sale in WN futures (-2K) also helped the direction of travel during early NY trade.
  • The latest 3-Year auction got this week's Tsy issuance underway, and the results saw Tsys retreat from session lows, with supply stopping through WI by more than 2bp, meanwhile a strong cover ratio and indirect take up was observed, as primary dealer takedown hit a new record low.
  • CPI data from Australia headlines an otherwise thin docket today. On the supply side we have the latest 10 year auction.
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TYH3 deals at 114-00, unch vs. settlement and a touch below levels seen late in the NY session.

  • Tsys bear steepened on Tuesday, finishing 3-7bp cheaper. The space was pressured in the European session as weakness in Bunds (on heightened EUR supply) spilled over, before briefly paring losses as Fed Chair Powell refrained from giving any hints on the monetary policy outlook.
  • Whilst Fed Chair Powell did not directly comment on Fed policy he did note that restoring price stability during heightened inflation requires "measures that are not popular”. Fed Gov Bowman reiterated themes observed in recent communique on curbing inflation and stressed that further tightening is required.
  • A brisk pace of corporate issuance and related hedging activity weighed on the space in the NY session, seeing Tsys extend losses, meanwhile, setup ahead of this week's Tsy auction slate also weighed.
  • A block sale in WN futures (-2K) also helped the direction of travel during early NY trade.
  • The latest 3-Year auction got this week's Tsy issuance underway, and the results saw Tsys retreat from session lows, with supply stopping through WI by more than 2bp, meanwhile a strong cover ratio and indirect take up was observed, as primary dealer takedown hit a new record low.
  • CPI data from Australia headlines an otherwise thin docket today. On the supply side we have the latest 10 year auction.