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FI Support Evaporates, Focus on Tue' CPI

US TSYS SUMMARY

Markets grew quiet over the last hour into the NY FI close, reversing opening levels w/ equities near session highs, Tsys mildly weaker after the bell. No data Monday,
focus on Tue' June CPI: MoM (0.6%, 0.5%); Ex Food and Energy MoM (0.7%, 0.4%).

  • Markets did have comments from NY Fed Williams and MN Fed Kashkari to digest. Williams' straightforward "view is the simplest, natural way is to first do a taper or finish that then think about liftoff." Kashkari sees current inflation metrics as transitory.
  • Mirroring EGBs, Tsys opened moderately firmer/off late overnight highs, support evaporating by midday. Sources reported carry-over selling in intermediates to long end from Asian real$ accts, pre-auction short sets ahead todays 3Y and 10Y R/O note auctions. US Tsy auction's $24B 30Y Bond re-open Tuesday.
  • 3Y note auction tailed: Tsys inched lower after $58B 3Y note auction (91282CCL3) tails: 0.426% high yield vs. 0.422% WI; 2.41x bid-to-cover off 2.46x 5 auction avg. Tsys bounce off lows after $38B 10Y note auction re-open (91282CCB5) trades through: 1.371% high yield vs. 1.375% WI; 2.39x bid-to-cover off 2.43x 5 auction avg.
  • Dealers waited until after the Tsy 10Y R/O to launch larger than some had anticipated $6B MUFG 3-parter.
  • The 2-Yr yield is up 1.8bps at 0.2307%, 5-Yr is up 1.4bps at 0.7994%, 10-Yr is up 0.8bps at 1.3678%, and 30-Yr is up 0.9bps at 1.9982%.
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