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JPM analysts Jay Barry and Jason........>

US TSYS/10Y
US TSYS/10Y: JPM analysts Jay Barry and Jason Hunter said the Treasury will
"auction $20bn reopened 10-year notes at 1pm" ET Tuesday, "unchanged in size
from the previous reopening. The August auction cleared at 2.250%, 1.8bp cheap
to pre-auction levels, as end-user demand declined 5.8%-pts from the prior
month, to the weakest level since December 2016. Within the details, while
investment manager demand rose 4.3%-pts, foreign demand fell 9.2%-pts to its
lowest level since January 2009, driving the bulk of the weakness in end-user
demand."
- They added that "since the last auction, 10-year yields have fallen by nearly
13bp, and remain near YTD lows. Along the curve, the 10-year sector appears
fairly valued after adjusting for the level of yields and the shape of the
curve. Moreover, primary dealer statistics from the NY Fed shows that
inventories of Treasuries with maturities greater than 7-years remain near
multi-year highs, which should make it more difficult for dealers to absorb
supply. Given this, we think tomorrow's supply will require a concession from
current levels to digest smoothly."

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