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US TSYS: Lower Across The Curve, Mostly Within CPI Range

US TSYS
USMarketsHomepagemarkets-real-timeBulletGlobalFixed Income BulletsRegionNorth America
  • Treasuries have sold off across the curve, remaining within yesterday’s CPI-induced lows through 2-10Y benchmarks but with 30s breaking lower.
  • PPI and jobless claims at 0830ET headline the session but there is 30Y supply also on the docket. The week's coupon issuance has been digested well, with 3s trading through by 1.6bps and 10s yesterday trading through by 1.4bps.
  • Cash yields are broadly 2.5bp higher on the day.
  • 2s10s at 1.2bps remains in positive territory but holds yesterday’s flattening for a little further off recent highs of ~8bps.  
  • TYZ4 is at 115-06 (-04+) on reasonable cumulative volumes of 315k, but remains within yesterday’s post-CPI low of 115-02. Firmer support is seen at 114-27+ (Sep 10 low) before 114-10 (20-day EMA).
  • Data: PPI inflation Aug (0830ET), Weekly jobless claims (0830ET), Household chg in net worth Q2 (1200ET), Monthly budget statement Aug (1400ET but Bloomberg already shows as released)
  • Note/bond issuance: US Tsy $22B 30Y Bond auction re-open - 912810UC0 (1300ET)
  • Bill issuance: US Tsy $80B 4- & 8W bill auctions (1130ET)
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  • Treasuries have sold off across the curve, remaining within yesterday’s CPI-induced lows through 2-10Y benchmarks but with 30s breaking lower.
  • PPI and jobless claims at 0830ET headline the session but there is 30Y supply also on the docket. The week's coupon issuance has been digested well, with 3s trading through by 1.6bps and 10s yesterday trading through by 1.4bps.
  • Cash yields are broadly 2.5bp higher on the day.
  • 2s10s at 1.2bps remains in positive territory but holds yesterday’s flattening for a little further off recent highs of ~8bps.  
  • TYZ4 is at 115-06 (-04+) on reasonable cumulative volumes of 315k, but remains within yesterday’s post-CPI low of 115-02. Firmer support is seen at 114-27+ (Sep 10 low) before 114-10 (20-day EMA).
  • Data: PPI inflation Aug (0830ET), Weekly jobless claims (0830ET), Household chg in net worth Q2 (1200ET), Monthly budget statement Aug (1400ET but Bloomberg already shows as released)
  • Note/bond issuance: US Tsy $22B 30Y Bond auction re-open - 912810UC0 (1300ET)
  • Bill issuance: US Tsy $80B 4- & 8W bill auctions (1130ET)