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What to Watch: Auctions Galore

New week kicks off with Tsys extending gains - back near middle of last week's range amid modest opening volumes (TYZ2<310k).
  • Markets have a flurry of Tsy supply to absorb:
    • US Tsy $41B 3Y notes (91282CFK2) and $42B 26W bills at 1130ET
    • US Tsy $32B 10Y notes re-open (91282CFF3) and $54B 13W bills at 1300ET
  • No particular driver for current rebound, Fed in Blackout through Sep 22, Fed expected to hike (mkt pricing closer to 75bp than 50bp) while inflation expectations soften.
  • No data today - but Aug CPI on Tue (-0.1% MoM est; 8.0% YoY est) and PPI on Wed (final demand MoM -0.1% est; YoY 8.8% est).
  • Short end traders seeking answer to next Monday's September futures/options expiration with no LIBOR settle expected due to London bank closure for the Queen's funeral.

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