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Tsys Futures Slightly Higher, Poor 30y Auction Overnight

US TSYS
  • Treasury futures are slightly higher this morning, although ranges remain tight and volumes are down on prior session. TUU4 is +0-00¾ at 103-08 while TYU4 + 04 at 112-25.
  • The cash treasury curve a touch steeper with yields 1-2bps lower. The 2yr is -1.2bps at 4.026%, while the 10yr is 0.8bps at 3.98%.
  • Overnight the recent 30-year Treasury bond auction drew a yield of 4.314%, which was 3.1bps higher than the pre-sale yield of 4.283%, the tail is outside the normal range for long-bond auctions since 2020, marking it as the 7th worst monthly long-bond auction since the start of COVID-19. This follows a similarly poor outcome in the previous day's 10-year note auction.
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