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US TSYS: Twist Steeper With No Sign Of Upcoming 3Y Auction Weighing

US TSYS
USGlobalBulletMarketsFixed Income BulletsRegionNorth America
  • Treasuries have increasingly pared earlier gains as US desks filter in, shrugging off oil futures having eased away from yesterday’s highs.
  • Cash yields are 2bp lower (2s) to 0.5bp higher (30s), with the steepening on the day not suggesting any concerns about absorbing today’s $58bn 3Y auction. The latter can see added attention considering a lighter docket.
  • 2s10s sits at 5.3bps (+2bp) after yesterday’s fleeting inversion, but remains comfortably off last month’s ytd high of 24bps.
  • TYZ4 has just touched session lows of 112-16 for almost unchanged on the day, with cumulative volumes at a reasonable but certainly not elevated 350k. It’s off an earlier high of 112-24 but has remained within yesterday’s range throughout.
  • Yesterday’s extension of a bearish theme sees support at 112-13+ (Oct 7 low) after which lies the round 112-00.
  • Data: Trade balance Aug (0830ET)
  • Fedspeak: Bostic on economic outlook (1245ET, just Q&A), Collins at a banking conference (1600ET, text + Q&A), Jefferson on discount window (1930ET, text + Q&A)
  • Note/bond issuance: US Tsy $58B 3Y Note auction - 91282CLQ2 (1300ET)
  • Bill issuance: US Tsy $80B 42D CMB auction (1130ET)
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  • Treasuries have increasingly pared earlier gains as US desks filter in, shrugging off oil futures having eased away from yesterday’s highs.
  • Cash yields are 2bp lower (2s) to 0.5bp higher (30s), with the steepening on the day not suggesting any concerns about absorbing today’s $58bn 3Y auction. The latter can see added attention considering a lighter docket.
  • 2s10s sits at 5.3bps (+2bp) after yesterday’s fleeting inversion, but remains comfortably off last month’s ytd high of 24bps.
  • TYZ4 has just touched session lows of 112-16 for almost unchanged on the day, with cumulative volumes at a reasonable but certainly not elevated 350k. It’s off an earlier high of 112-24 but has remained within yesterday’s range throughout.
  • Yesterday’s extension of a bearish theme sees support at 112-13+ (Oct 7 low) after which lies the round 112-00.
  • Data: Trade balance Aug (0830ET)
  • Fedspeak: Bostic on economic outlook (1245ET, just Q&A), Collins at a banking conference (1600ET, text + Q&A), Jefferson on discount window (1930ET, text + Q&A)
  • Note/bond issuance: US Tsy $58B 3Y Note auction - 91282CLQ2 (1300ET)
  • Bill issuance: US Tsy $80B 42D CMB auction (1130ET)