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Firm After 20-Year Auction

US TSYS

TYZ3 deals at 108-27, unchanged from yesterday's settlement level.

  • Cash tsys finished 3bps cheaper to 1bp richer across the major benchmarks, the curve twist flattened pivoting on 7s.
  • Tsys firmed from session lows after the latest 20-Year supply stopped through, an above average bid/cover ratio and indirect take-up were observed.
  • Prior to the auction Tsys ticked lower in narrow ranges, there was little reaction to Richmond Fed President Barkin who noted that now isn't the time for forward guidance and that inflation numbers were coming down "nicely".
  • Rising Oil prices, WTI was up ~2%, weighed on the short end as the latest OPEC+ meeting comes into view with some market intervention to bolster prices now a possibility.
  • The docket is light in Asia, the RBA minutes of the November meeting provide the highlight. Further out FOMC minutes from the Nov 1 policy meeting cross, as does Existing Home Sales.
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