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Treasury Sell Off Gathers Pace

US TSYS
  • Cash Treasuries have sold off a further ~7bps across most of the curve with only the very long end outperforming despite relatively little change in Fed hiking expectations. Tsys slightly lag the sell-offs in Bunds, Gilts on the day.
  • The largely level shift in the curve sees 2s10s remains in the 15-20bps range of the past few days, having been -10bps at the start of last week as QT plans helps boost longer-term yields. The 10YY earlier touched the highest since Jan-2019.
  • 2YY +7.2bps at 2.584%, 5YY +7.4bps at 2.827%, 10YY +7.4bps at 2.774%, 30YY +5.8bps at 2.775%.
  • TYM2 sits 15+ ticks lower at 119-20+ having again touched a new cycle low of 119-17 earlier on average volumes. The break lower confirms a resumption of the primary downtrend and maintains the bearish price sequence of lower lows and lower highs. Beyond the intraday low, next support is eyed at 119-04+ (low Dec 3 2018 cont) whilst resistance is 121-06+ (Apr 7 high).
  • Fedspeak: Bostic, Bowman opening remarks, Waller closing remarks at event starting 0930ET, Evans on mon pol at 1240ET plus an addition in NY Fed’s Williams at 1200ET.
  • Bill issuance: US Tsy $57B 13W, $48B 26W bill auctions (1130ET)
  • Bond issuance: YS Tsy $46B 3Y note auction (1300ET)
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