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Tentative Bull Steepening, 3Y Auction Headlines

US TSYS
  • Tight ranges through Asian hours gave way to on balance a small bull steepening through the European morning, although it makes little inroads on Friday’s post-payrolls sell-off as it lags a larger rally in European sovereigns.
  • Tsy yields are close to last week’s highs but remain well within a 20-day range, whilst 2s5s and 2s10s straddle either side of inversion.
  • 2YY -3.3bps at 3.072%, 5YY -2.2bps at 3.101%, 10YY -1.7bps at 3.064%, 30YY -0.4bps at 3.239%.
  • TYU2 trades 8 ticks higher at 117-28 on soft volumes, maintaining a softer tone following last week’s pullback from 120-16+ (Jul 6 high) that now forms a bull trigger. Support is eyed at 117-12 (50% retrace of Jun 14-Jul 6 rally), under which lies a key near-term support at 116-11 (Jun 28 low).
  • No data of note today and Fedspeak limited to a potentially technical discussion on the Libor transition from NY Fed’s Williams at 1400ET, leaving issuance firmly in focus.
  • Bond issuance: US Tsy $43B 3Y Note auction (91282CEY3) – 1300ET
  • Bill issuance: US Tsy $51M 13W, $42B 26W bill auctions – 1130ET
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