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Sell-Off Extends With 10s Testing 4.50%

US TSYS
  • The sell-off has extended a little more in recent trade since the 2Y auction tailed by 1bp, with 10Y yields testing 4.50% again after a particularly short-lived attempt on Friday.
  • 10y yields were last higher with a spike on May 14.
  • TYM4 hits a new session low of 108-17, another step closer to a key support at 108-15 (May 14 low) after which lies 108-06 (May 3 low).
  • The most recent selling pressure has been more broadly across the curve, with 2Y yields also pushing new session highs at 4.942% but remaining within Friday’s range.
  • Only 2Y yields remain lower than Friday's close, 0.6bps on the day, but the pre-auction steepening remains with 30Y yields some +4.9bps.
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