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Stimulus Door Ajar?

US TSYS SUMMARY

Tsys weaker across the curve after the bell, just off yesterday's lows before gapping higher in late trade on after Trump ended systemic stimulus negotiations late Tuesday. Discussions to add stimulus over piecemeal basis helps boost risk-on tone overnight and through mid-week session.

  • No strong react to Sep FOMC minutes, Fed refrained from offering even stronger forward guidance, while guidance is not unconditional.
  • Tsys inched off lows past midday but reversed course after the 10Y R/O auction tailed -- seventh in a row for 10Y supply: US Tsy $35B 10Y note R/O auction (91282CAE1) awarded 0.765% rate (0.704% last month) vs. 0.762% WI; 2.47 bid/cover (2.30 previous). Indirects drew 62.90% vs. 58.30%, directs 14.20% vs. 14.60%, and dealers with 22.90% vs. 27.10% prior.
  • Decent over all volumes, TYZ>1.1M, while trade felt more subdued ahead Wed night VP debate between Pence/Harris.
  • The 2-Yr yield is up 1bps at 0.1567%, 5-Yr is up 3.7bps at 0.3482%, 10-Yr is up 5.8bps at 0.7935%, and 30-Yr is up 6.4bps at 1.6008%.
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