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Grinding Higher

US TSYS

US TSYS have firmed during the day with the belly of the curve marginally outperforming.

  • Cash yields are 2-4bp lower on the day with the curve slightly bull flattening.
  • TYZ1 is holding near the highs of the day and last traded at 130-14+ (L: 130-01+ / H: 130-16+)
  • Today's 20Y auction had a a high yield of 2.065% and bid-to-cover ratio of 2.34x
  • The White House earlier indicated that President Biden will likely make a decision on the Fed Chair before Thanksgiving.
  • The data slate was light today with mortgage applications and housing starts not giving much for the market digest.
  • Focus tomorrow will shift to jobless claims, and the Philly Fed index.

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