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Treasuries Retracing Post-Auction Cheapening Ahead Of CPI

US TSYS
  • Cash Tsys are retracing yesterday’s second half sell-off that had gathered pace with a double tail from the 3Y and 10Y auctions, which saw 2YY touch a new cycle high of 3.58% ahead of today’s CPI print. It leaves yields comfortably within yesterday’s range, with spillover from a larger than expected decline in German ZEW sentiment subsequently supporting the move.
  • 2YY -4.1bps at 3.530%, 5YY -4.5bps at 3.404%, 10YY -3.8bps at 3.320%, 30YY -3.2bps at 3.480%, modestly lagging the rally ahead of the post-CPI auction.
  • TYZ2 trades 10+ ticks higher at 115-30 on below average volumes as markets await CPI. It’s towards the upper end of yesterday’s range but the bear threat remains, with the bear trigger at 115-13+ (Sep 7 low).
  • Data: CPI Aug (0830ET), Real Earnings Aug (0830ET), Monthly budget statement Aug (1400ET).
  • Issuance: US Tsy $18B 30Y Bond auction re-open (912810TJ7) – 1300ET
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