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US TSYS: Off Highs, Upcoming Supply Weighs On A Quieter Docket

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have moved off overnight highs through European hours but with no clear headline drivers. They are moves seen broadly across core FI but with Tsys leading in terms of size.
  • Cash yields sit 1.8-2.9bp higher on the day, with increases led by 5s ahead of $70bn of supply later today. Yesterday’s 2Y auction came in on the screws although details were less favorable with the bid-to-cover and indirect take falling from last month.
  • The new 2Y benchmark after that auction sees curves mechanically steepen further, with 2s10s earlier touching fresh ytd highs of 22.5bps.
  • TYZ4 has eased to session low of 114-22+ (- 04+) off an earlier high of 114-29+ on modest cumulative volumes of 285k. Support is seen at 114-09+ (Sep 24 low) but declines are deemed corrective with resistance at 115-02+ (Sep 19 high) after which lies the bull trigger at 115-03+.
  • Data: MBA mortgages Sep 20 (0700ET), New home sales Aug (1000ET)
  • Fedspeak: Kugler on economic outlook (1600ET) – see STIR bullet
  • Note/bond issuance: US Tsy $28B 2Y FRN re-open (1130ET), US Tsy $70B 5Y Note auction - 91282CLN9 (1300ET)
  • Bill issuance: $62B 17W bill auctions (1130ET)
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  • Treasuries have moved off overnight highs through European hours but with no clear headline drivers. They are moves seen broadly across core FI but with Tsys leading in terms of size.
  • Cash yields sit 1.8-2.9bp higher on the day, with increases led by 5s ahead of $70bn of supply later today. Yesterday’s 2Y auction came in on the screws although details were less favorable with the bid-to-cover and indirect take falling from last month.
  • The new 2Y benchmark after that auction sees curves mechanically steepen further, with 2s10s earlier touching fresh ytd highs of 22.5bps.
  • TYZ4 has eased to session low of 114-22+ (- 04+) off an earlier high of 114-29+ on modest cumulative volumes of 285k. Support is seen at 114-09+ (Sep 24 low) but declines are deemed corrective with resistance at 115-02+ (Sep 19 high) after which lies the bull trigger at 115-03+.
  • Data: MBA mortgages Sep 20 (0700ET), New home sales Aug (1000ET)
  • Fedspeak: Kugler on economic outlook (1600ET) – see STIR bullet
  • Note/bond issuance: US Tsy $28B 2Y FRN re-open (1130ET), US Tsy $70B 5Y Note auction - 91282CLN9 (1300ET)
  • Bill issuance: $62B 17W bill auctions (1130ET)