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CROSS ASSET: Tsy Yields Dip As Bessent Says Terming Out of Debt "A Long Way Off"

CROSS ASSET
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Headlines corssing from US Tsy Secretary Scott Bessent, who suggests the terming out of US debt is still "a long way off". 10-year yields off 2bps on that headline, now at 4.515%. For reference, "terming out" of debt refers to lengthening the average maturity of marketable US Tsy debt I.e. Still leaning in favour of short-term issuance

  • Dollar index moves lower in tandem with yields, though EURUSD is still short of today's session high of 1.0446.

  • A reminder that the latest quarterly refunding announcement reaffirmed previous guidance around auction sizes: "Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters."

     

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Headlines corssing from US Tsy Secretary Scott Bessent, who suggests the terming out of US debt is still "a long way off". 10-year yields off 2bps on that headline, now at 4.515%. For reference, "terming out" of debt refers to lengthening the average maturity of marketable US Tsy debt I.e. Still leaning in favour of short-term issuance

  • Dollar index moves lower in tandem with yields, though EURUSD is still short of today's session high of 1.0446.

  • A reminder that the latest quarterly refunding announcement reaffirmed previous guidance around auction sizes: "Treasury anticipates maintaining nominal coupon and FRN auction sizes for at least the next several quarters."