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Solid 30y Auction Sees Yields Slide, Curve Flatten

US TSYS
  • Throughout European and early US hours, Treasury futures traded inside the minor uptrend posted off the week's Tuesday lows, with a firm EGB market adding some upside impetus. This move accelerated following the 30yr re-opening, which saw solid demand evident in the higher-than-average bid/cover and a steep decline in dealer takedown at just 13.1% against an 18% average.
  • 10y yields slid sharply on release of the results, pressing below 1.30% to narrow the gap with last Friday's NFP-induced 1.2617%.
  • The solid showing from the 30yr line saw the longer-end outperform, resulting in a flatter curve from the belly outwards.
  • PPI data takes focus Friday, with markets expecting factory gate prices to bump up to 8.2% on a final demand basis, and 6.6% ex-food & energy.
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