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Opening Bid Mostly Reversed As US Session Gets Underway

  • Cash Tsys have established fresh lows for the day as the US session gets underway, pushing through narrow ranges on limited macro headlines. There has been some notable flow including a FV/US steepener block (+6,330/-2,000) even if it had little meaningful additional impact on the curve.
  • 2YY +0.2bp at 5.006%, 5YY +0.4bp at 4.384%, 10YY +0.4bp at 4.206%, 30YY +0.6bp at 4.283%.
  • TYU3 remains the front TY contract for now with the roll far advanced. It trades back near unchanged at 109-21 having reversed an earlier increase to 109-28+. Bears remain in the driver’s seat with attention on resistance at 109-18+ (Aug 25 low) and the bear trigger at 109-09+ (Aug 22 low).
  • Data: FHFA and S&P CoreLogic house prices Jun (0900ET), JOLTS Jul (1000ET), Conf Board Consumer Confidence Survey Aug (1000ET), Dallas Fed services Aug (1030ET).
  • Fedspeak: VC Supervision Barr on Banking Services (1500ET)
  • Note/bond issuance: US Tsy $36B 7Y Note auction (91282CHW4) – 1300ET
  • Bill issuance: US Tsy $60B 42D bill CMB – 1130ET

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