Trial now

Test, Please Ignore


EGB Supply for W/C Jul 26


Pullback Considered Corrective


What a Short, Strange Trip It's Been


Pfizer, Moderna Jabs Retain High Trust; AZ, Sputnik Lower


Trend Indicators Remain Bearish

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

Tsy futures are holding steady to mildly weaker in the short and long end of the curve -- holding narrow channel near session lows ahead Wed's FOMC policy annc.
The 20Y WI is trading around 2.135% to 2.130% vs. 5 month running average of 2.056%. Bond traders remain a cautious of 20Y auctions in light of past performances and affect on broader markets over the last few months:

  • Tsys futures trade lower after weak $27B 20Y auction on May 19: drew a high yield of 2.286% vs. 2.275% WI.
  • Tsys traded higher after a decent $24B 20Y auction reopening on April 16 drew a high yield of 2.144% vs. 2.150% WI.
  • Tsys surged higher in a relief rally after the March 16 auction reopening traded strong: drawing a high yield 2.290% vs. 2.315% WI.
  • Tsys gapped lower after he $27B 20Y auction on Feb 17 drew a huge 2.3bp tail: drawing 1.920% high yield vs. 1.897% WI.

The May auction indirect take-up was 56.72% vs. 58.72% in April (5M avg of 58.29%). Primary dealer take-up of climbed to 23.75% vs. 21.09% in April. Direct take-up remained slipped to 19.51% vs. 20.18% in April -- still well above 17.54% 5M avg .