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US TSYS/2Y: Traders expect that there will be US and foreign bid at the $26B 2Y
note auction, which will get done at around 1.770%. "The market is not budging
much today," said one trader. "It's just sitting there. We do have a big
month-end rebalancing coming."
- "The Tsys market is trading tick for tick with the dollar/yen," thus supported
as US$ is tradng weaker, he said.
- A different observer noted the higher FX basis rate meant that shorter Tsys
could have some competition from FX dollar loans. Also "people expect more rate
hikes," which would hurt the front end more than other maturities, he said.
- Traders also said the short end is pressured amid T-bill auctions today too,
in addition to the 2Y and 5Y note auctions. However the 2Y note is tight in the
overnight repo, at least mildly so.
- 2Y AUCTION HISTORY: The Oct. 2017 $26B 2Y auction had a 1.596% rate,
2.74bid/cover, 48.2% indirect award, 14.2% directs, 37.7% dealers.