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Off Lows Ahead Wed's FOMC

US TSYS SUMMARY

Weaker across the board after the bell, but well off early session lows.

  • Long end rebounded/extended session highs after the Tsy $22B 20Y Bond auction R/O traded through by 4bp: awarded 1.213% (1.185% in Aug) vs. 1.217% WI, on a bid/cover 2.39 vs. 2.26 previous. Indirects drew 60.70% vs. 62.60% prior, directs 15.30% vs. 11.20% prior, dealers took down 24.0% vs. 26.2%.
  • Long end scaled back support in choppy post-auction trade, but managed to extend past post auction highs after the bell.
  • Note, exceptionally light volumes w/TYZ<675k after the bell.
  • Aside from two-way position squaring, high-grade corp issuance continued apace, generating decent hedging volumes in 3s-10s.
  • Despite bound in 3M LIBOR this morning (3 Month +0.00888 to 0.24613%, -0.00420/wk), lead quarterly EDZ0 traded 0.005 higher on decent volume (126k).
  • The 2-Yr yield is unchanged at 0.137%, 5-Yr is up 0.3bps at 0.2675%, 10-Yr is up 0.5bps at 0.6772%, and 30-Yr is up 1.9bps at 1.4304%.
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