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Curves Flatten, 10YY On Track For Lowest Close Since March

US TSYS SUMMARY
  • The US curve traded flatter, with the belly of the curve outperforming and pressing 10y yields lower by over 4bps. Both the 2y10y and 2y30y curves flattened by 4bps apiece.
  • The initial catalyst for Treasury strength came as a number of the world's largest websites including Amazon and the New York Times were knocked offline by a failure at the CDN provider Fastly.
  • Equities saw some shaky prints following the opening bell, with a late recovery failing to mount any serious test on the all time highs printed in early May.
  • Markets also eye the upcoming US CPI print, with Thursday's Y/Y print seen heating up to 4.7% from 4.2%.
  • The 3y auction came and went with little consequence. The auction saw decent enough demand, with the bid/cover inline with the 5-auction average and the lowest stop in over three months. Dealer take slipped, with the primary dealer take-up the lowest in over a year at 27.55% of the issue.
  • Focus Wednesday turns to wholesale inventories and trade sales data as well as the 10y auction.
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