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FED’S DALY: POLICY ADJUSTMENTS LIKELY WARRANTED AT SOME POINT

MNI China Daily Summary: Thursday, July 11

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MNI: US JUN TREASURY BUDGET -66B

US Treasury Auction Calendar

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Preview $61B 5Y Note Auction

US TSYS/SUPPLY

Current 5Y WI running around 0.830% / 0.825% ahead today's $61B 5Y note (91282CCW9) auction -- compares to the July 27 auction high yield of 0.710% (2bp tail vs. 0.690% WI at the cut off). Note, Treasury 5Y note sales have averaged a small 0.3bp tail over the last 5 auctions.

  • Last month's bid-to-cover of 2.36x just shy the 5M average of 2.38x.
  • Indirect take-up climbs to 58.07% vs. 57.62% in June (59.01% 5M avg); direct bidder take-up slips to 17.75% vs. 18.09% in June (5M avg of 16.29%); primary dealer take-up: 24.18% slipped from 24.29% in June
  • The next 5Y auction is tentatively scheduled for September 27
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