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FED More Stimulus

US TSYS SUMMARY

Lacking more significant insight into the July FOMC minutes, Tsy futures extended session lows as Fed focused on additional stimulus in the still weak recovery. Yld curves held steeper profiles after Tsys see-sawed off lows.

  • Support for Tsys started to evaporate by midday, accelerated briefly after the US Tsy $25B 20Y bond auction (912810SQ2) tailed 1.0bp: awarded 1.185% (1.059% in July) vs. 1.175% WI, on a bid/cover 2.26 vs. 2.43 previous. Indirects drew 62.6% vs. 67.01% prior, directs 11.20% vs. 11.76% prior, dealers took down 26.2%.
  • Was unlikely that comments from Fed Bullard had much effect as mkt inured to reality of low rates for a long time. US/China geopolitical tension were also briefly mentioned after U.S. terminated 3 bilateral agreements with Hong Kong on extradition and taxes.
  • Overall session volumes were fairly decent for summer trade, TYU >965k, but Sep/Dec roll interest has finally kicked into gear (TYU/Z >54k; FVU/Z >80k after the bell).
  • The 2-Yr yield is unchanged at 0.1431%, 5-Yr is up 0.6bps at 0.2834%, 10-Yr is up 1.3bps at 0.6817%, and 30-Yr is up 2.6bps at 1.4212%.
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