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Treasuries Maintain Recent Trend Rally

US TSYS
  • Cash Tsys have pulled back off recent highs but still see a modest rally on the day and some flattening beyond 10Y tenors, as they maintain a recent trend helped by yesterday’s weaker data (which started with a larger than expected decline in house prices with MBA mortgage apps & new home sales ahead today). Treasuries notably outperform EU FI where Gilts for instance touched lows after the UK fiscal plan has been delayed to mid-Nov.
  • 2YY -3.4bps at 4.443%, 5YY -2.7bps at 4.234%, 10YY -3.7bps at 4.065%, and 30YY -6.3bps at 4.195%
  • TYZ2 trades 7 ticks higher at 110-25+, off session highs of 111-01+ that had moved closer to initial resistance at the 20-day EMA of 111-11. Support remains the bear trigger of 108-26+ (Oct 21 low).
  • Data: MBA mortgage apps/rates (0700ET), Advance goods trade balance (0830ET), Wholesale & retail inventories (0830ET), New home sales (1000ET).
  • Bond issuance: $24B 2Y FRN Note auction (91282CFS5) – 1130ET, $43B 5Y Note auction (91282CFU0) – 1300ET
  • Bill issuance: $33B 17W bill auction – 1130ET
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