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Treasuries See New 10YY Cycle High, Housing Data In Focus First

US TSYS
  • Cash Tsys have extended a cheapening seen through Asia hours that had been led by Minneapolis Fed’s Kashkari (’23 voter) along with block sales. The move continued with a small beat for UK CPI before yields largely plateaued with the 10YY hitting a new cycle high of 4.079%, surpassing the post-CPI 4.075%.
  • 2YY +5.5bps at 4.484%, 5YY +6bps at 4.282%, 10YY +6bps at 4.067%, and 30YY +3.6bps at 4.066%.
  • TYZ2 remains vulnerable, trading 16+ ticks lower at 110-12+ on average volumes, through yesterday’s low and approaching support at 110-00 with the post-CPI low of 110-02 just above.
  • Data: Housing firmly in focus after yesterday’s NAHB slide, with weekly mortgage applications plus permits/starts for Sept.
  • Fed: Beige Book (1400ET), plus Kashkari (1300ET), Evans (1800ET) and Bullard (1830ET).
  • Bond issuance: US Tsy $12B 20Y Bond auction re-open (912810TK4) – 1300ET
  • Bill issuance: US Tsy $33B 17W bill auction – 1130ET
  • Earnings: Notable earnings today Procter & Gamble pre-market, IBM & Tesla after market.
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