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(H2) Recovery From The 50-Day EMA Extends


Heavy Midweek Issuance Over $31B


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Review: 3Y Auction, Small Stop

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Treasury futures holding near lows after $54B 3Y note auction (91282CDN8) small stop through: 1.000% high yield vs. 1.002% WI; 2.43x bid-to-cover in-line with 5-auction average and better than Nov's 2.33x.

  • Indirect take-up dipped to 52.17% vs. last month's year high of 57.62%, while direct bidder take-up holds near 1+ year high at 18.01% (18.04% Nov). Primary dealer take-up bounces to 29.81% vs. 24.34% in Nov, over the 5M average of 28.06%
  • The next 3Y auction is tentatively scheduled for January 11.