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Treasury Sell-Off Resumed

US TSYS
  • Cash Tsys have resumed their sell-off after rallying late yesterday on the strong 20Y auction, even if flat S&P E-Minis and a relative small uptick in oil suggest risk-on moves elsewhere are more muted.
  • 2Y yields are +1.4bps at 0.679%, 5Y +2.1bps at 1.237%, 10Y +2.1bps at 1.482% and 30Y +2.4bps at 1.887%.
  • In 10Y space, the US lags Europe on the day with Gilts +4.4bps and Bunds +3.5bps.
  • TYH2 futures have sold off to a low of 130-17, which is also back to yesterday’s session low prior to the 20Y auction results, on low volumes.
  • Data releases include the third print of Q3 GDP (0830ET) before the Conference Board consumer survey for Dec and existing home sales for Nov (1000ET). No Fedspeak.
  • NY Fed buy-op: Tsy 10Y-22.5Y, appr $1.625B (1030ET).
  • US Tsy $17B 5Y TIPS auction re-open (1300ET).
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