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Yields Edging Back Down After Weak Post-Holiday Restart

US TSYS

Cash trading resumed after Monday's holiday with a bearish tone, but yields have edged lower in European trade ahead of a busy supply slate Tuesday.

  • As Tsys caught up with hawkish developments in Europe Monday, especially at the short end, 2Y yields gapped to fresh cycle high of 0.3537% at one point overnight; 10Y yields briefly hit fresh post-Jun high of 1.6258% but are now lower on the session.
  • 2-Yr yield is up 2.6bps at 0.3439%, 5-Yr is up 0.7bps at 1.0661%, 10-Yr is down 1.4bps at 1.5979%, and 30-Yr is down 2.3bps at 2.1415%.
  • Supply today includes $58B 3Y Note (alongside $42B 26-week bill) auction at 1130ET, followed quickly by $38B 10Y Note (alongside $42B 13-week bill) auction at 1300ET.
  • Data today consists of JOLTS at 1000ET, with most already looking ahead to Wednesday's September CPI report.
  • Fed speakers: VC Clarida at 1115ET, Atl's Bostic at 1230ET, and Richmond's Barkin at 1800ET.
  • House of Reps expected to pass a temporary increase to the debt ceiling today.
  • NY Fed buys ~$1.425B of 10-22.5Y Tsys.
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