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BLOCK, Second 2Y Sale


NY Fed Underlying Inflation Gauge (UIG)


Bill Supply For W/C Sep 27, 2021


NY Fed Operational Purchase

US TSYS: U.S. Tsys have started the week on the back-foot, with broader markets
seemingly breathing a sigh of relief after the U.S.-China trade spat failed to
escalate further over the weekend. Asia-Pacific equities are broadly higher, as
the major fixed income benchmarks edge lower and the yuan firms.
- It is also worth noting that the uptick in risk appetite has taken place
despite U.S. Secretary of State Mike Pompeo dismissing North Korea's accusation
of a "gangster-like mindset" in denuclearization talks, saying the two nations
had productive conversations that will continue in the days ahead.
- The belly of the curve has experienced some modest underperformance, with eyes
on 3-, 10- & 30-Year supply due later this week. There are plenty of U.S. risk
events to digest during the coming days, including Fed Chair Powell's
semi-annual MonPol report, U.S. CPI, PPI & UOM sentiment. Fedspeak elsewhere
will dominate, with Williams, Kashkari, Harker & Bostic due up.
- The Eurodollar strip has edged lower, with the reds 1.0-1.5 ticks lower, with
the further out contracts moving in parallel.
- T-Notes last at 120.08, U.S. 10-Year Tsy yields last at 2.840%.
MNI London Bureau | +44 0203-865-3809 |