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FTN's Jim Vogel said of recent 3Y........>

US TSYS/3Y
US TSYS/3Y: FTN's Jim Vogel said of recent 3Y auction that "vs WI bid of 1.531%,
a solid award at 1.520% is the brightest spot in today's UST market so far.
Indirects at 64.1% and only 20.4% allotted at the high yld. Bid/cover of 3.13x
the best since end of 2015. Dealers own less than 26%, a low figure for 3s where
the norm is in the 30s. Actually, it's second lowest since 3s made their return
8 yrs ago."
- Vogel said the 10-year Treasury note visited an intra-day high yld near 2.290%
this morning "as it appeared many people tried to hedge several active trades by
selling UST into a thin market. Volume peaked within 45 minutes of good JOLTs
headlines, but the bigger issue is it makes sense a) to hedge today,
particularly corp supply and equity buying; b) wait until tomorrow to see
whether the 10-yr auction offers a better yld. It's unlikely to offer much worse
than 2.25%."

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